Review
Culture
Film & TV
Trauma
Work
4 min read

Severance: the ins and outs of seeking oblivion

We can't contain trauma to just one sphere of our lives.

Josh is a curate in London, and is completing a PhD in theology.

In a retro-future styled office, workers stand or sit around a pod of desks.
Apple TV.

How far would you go to stop yourself doing late-night emails? Or what would you be willing to do to escape those painful memories? Severance, returning for its second season on AppleTV+, explores an extreme solution to both. 

The show follows a group of office workers at Lumon who have had their memories severed: when outside of work they do not remember what they do at work and when at work they do not know anything about their lives outside. The work-self, referred to as an 'innie', enters the elevator at 5pm and immediately finds themselves back in the elevator at 9am the next day. They feel rested without any memory of the rest. Their "outie" blinks at 9am and then it is 5pm.  

Adam Scott's protagonist, Mark, joined Lumon Industries as a severed employee working in "Macrodata Refinement" (MDR) as a result of losing his wife. In an episode early in the second season, one character recounts Mark telling them that he applied for the role because it felt like he was "choking on her ghost." Being severed offers Mark hours each working day where a version of him can work oblivious to this grief. 

Of course, Mark's employer is up to something sinister, though exactly what remains unclear even to the innies. Lumon is at times terrifying, at times goofy and always unsettling. Innies are mistreated but cannot communicate with their outie beyond what Lumon allows. Even in these conditions, the small MDR team, each with no more than a couple of years' worth of memories, find purpose in their relationships with one another and in seeking to understand their bosses' designs.  

Severance has attracted a lot of attention and reflection. Writing for the Financial Times, Emma Jacobs concludes that the show points us to our impossible longing for a boundaried life. The Northeastern University academic Tomas Elliot proposes that Severance can be read as an inversion of The Matrix: employees knowingly placing themselves in a state of naivety. Jacobs and Elliot both read the show as pointing to the paradoxical nature of modern work as both the cause of discontentment and the place many look to for a sense of purpose and fulfilment.  

Instability cannot be contained to one sphere of life. Life is hard and so is work. Neither can offer escape from the other. 

At the heart of many of the questions that Severance raises is the relationship between work and identity. Most of us live with a sense that who we are is found in our relationships. Work means something because it is one of the places we are most powerfully shaped by and shape relationships with colleagues, competitors, consumers and everyone else. Work becomes destructive when it cultivates destructive relationships in the workplace or when it displaces other forms of community and sources of identity.  

The process of severance  protects outies from the formative power of workplace relationships: their strains and their joys. No doubt we could each imagine benefits to this. However, it leaves Mark's outie paralysed by grief because he has denied himself a key source of relationships through which he could begin to heal, integrating that grief into a new sense of self. 

Just as Mark's innie is protected by the outie's grief, the outie is protected from discovering who he could be without his wife. As the series progresses, it becomes less clear whether Mark's motivation is the fear of grief's crushing burden or the fear that one day the burden may ease.  

In his book Resonance, Hartmut Rosa writes: 

Time and again, human beings come to discover that they can become "different people" in different contexts. And under the highly dynamic conditions of late modernity, the task of finding out who we really are collides… with repeatedly having to "reinvent" and creatively redefine ourselves. That said reinvention also should be "completely authentic" is surely one of the more pointed paradoxes of the present age.  

As Rosa notes, the dynamism of contemporary market forces produces a dynamism in our sense of identity, which can be experienced as instability. One response to this instability—and all the other humiliations and challenges of living at this time—is to look for ways of separating "work" and "life", to carve out a space where I can be free from constant performance and reinvention. And yet, as Severance shows us, whatever part of ourselves we designate as "life" or "outie", it cannot be free from pain and sometimes we will escape to, rather than from, "work".  

Instability cannot be contained to one sphere of life. Life is hard and so is work. Neither can offer escape from the other. Some things must be resisted and some must simply be lived with. Both can only be done together. Ultimately, both can only be done if we are held in and defined by a relationship secure through any failure or loss. Seeking such a relationship is a life's work, for both innies and outies.  

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Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.