Article
Culture
Sport
Wildness
4 min read

The surfers seeking the stoke of cold water enchantment

The reverence of waves breaks over beach-bums and ancient monks alike.

Riley is a writer and journalist, originally from Oregon. 

A sufer carries a longboard into the waves
Surfing Oregon's coast.
Megan Nixon on Unsplash.

Long before Malibu or the post-industrial North Shore of Oahu, surfing held an integral role in Pacific Island societies. As Ben Finney and James Houston explain, surfing was a religious practice for ancient Hawaiians. With stocks of morning glory, they lashed the ocean’s surface, chanting “Arise, great surfs from Kahiki.” This compelled the spirits - animating the swells - to foster good waves, therefore good “stoke” (to use a modern idiom). 

When I first started to surf, I detected such enchantment. Almost nothing brought me closer to transcendence. On good days, my Sabbath rituals would be galvanized by peeling waves paired with a cold saltwater plunge, somewhat like those Russian Orthodox plunges on January 6th (minus the ice).  

And despite the rapid secularization of the West, surfing remains a precious religious ritual. For Christians, Buddhists, New Age spiritualists, etc.—anyone who meets the ocean on her own terms. All speak with reverence about the waves. 

Surfers tend to be deeply serious people, distanced from their hash-smoking, dread-headed depictions in pop culture. Some might argue that they take themselves too seriously, one day conducting American counterculture and the next protesting the Vietnam War on the grounds that war disrupts the proverbial Tao. 

  Such is the genius of Francis Ford Coppola’s iconic surfing motif from the film Apocalypse Now. Here, Lieutenant Colonel Bill Kilgore, trying to find a rational explanation for the Vietnam War, declares “Charlie don’t surf!” with an odd tone of vulnerable bravado. Somewhere in this declaration, we find a longing for peace and transcendence, despite the chorus of machine guns and napalm that inevitably follow. For him, surfing was an antidote to chaos—a sort of victorious peace ritual following the horrors of battle.  

Despite the chaos––constant chorus of swells and seagull cries––the ocean remains noiseless in a spiritual sense. She quiets anyone nearby.

Jaimal Yogis, author of Saltwater Buddha, forthrightly connects surfing to enlightenment. In Hawaii, he studied dharma and traditional philosophy, living like Jack Kerouac and Kelly Slater combined: “[mastering] all the waves (internal and external).” There exist many paths to enlightenment, Yogis adds in his follow-up A Surfer’s Guide to Buddhism. Surfing is just one route through the ocean of suffering, albeit more appealing than ancient asceticism. 

Surfing, Peter Kreeft claims, is akin to Buddhism in that they both contain unique words for their unique “highs”: ‘stoke’ and Nirvana. In a little book called I Surf, Therefore I Am, Kreeft regards surfers as Aristotelian disciples, chasing life’s greatest good (happiness) before anything else. In that respect, surfers live truthfully to the Ethics.  

The activity of surfing, he says, transports a person into timeless happiness. ‘Stoke’ is a mystical ebullience, ecstasy of a sacred kind because ‘stoke’ is not a fleeting thing. It sustains itself both during and after the activity which creates it––a pure and lasting joy. “Maybe surfing brings us back to the timelessness of Eden,” Kreeft says. 

Ancient Celtic monks found the seashore ideal for spiritual refuge, regarding their pilgrimage to the sea as following Christ into the desert. Visiting the ruins of one of these seaside monasteries, Dr. Ed Newell (author of The Sacramental Sea), felt himself overcome by its solitude. The ascetic life on the isle of Papa Stronsay seemed spiritually claustrophobic, he says.  

These monks were not surfers (to our knowledge). They were beach bums. They recognized a simple, solemn truth about the sea: its intense solitude. Despite the chaos––constant chorus of swells and seagull cries––the ocean remains noiseless in a spiritual sense. She quiets anyone nearby, leaving them, as Kierkegaard puts it, silent and “nothing before God.” If we can learn from the lilies and the birds then surely waves and pelicans offer similar wisdom. 

When I moved away from the coast for school, this was the most intense realization. Now, my life is full of constant noise. I thirst for that vast silence that nourished me back home. And while Kreeft is right, that ‘stoke’ never truly dissolves, adjusting to life away from the waves has been a terrible trial. During the first week in the dorms, the thought of rolling swells kept me awake and staring at the ceiling. I would instinctively open my window, only to realize that there was no distant sound of crashing waves to put me to sleep. There was, and has been, something dislodged ever since leaving the sea. 

And so, today, I skipped class and stood at the edge of the Pacific Ocean. A fierce storm – bearing the name La Ninia – raged across the Oregon Coast. Sideways rain pelted my face. Though coated in a 5mm wetsuit, my fingers were already painfully numb before stepping into the sea, which was probably 5°-10°C. 

I paddled past the breaking waves and rediscovered what was missing. The part of myself that never made it to university. I ditched my nine-foot fiberglass longboard for a moment and thought about nothing: floating, staring into the blankness of the gray sky. My body went numb and became weightless, the existential burdens vacating with each rise and fall of the swell. Once again, I was alone and silent before God. And despite losing myself in the vastness––the overwhelming silence––of that moment, I found myself entirely. 

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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.