Review
Art
Culture
Music
Romanticism
Taylor Swift
5 min read

Taylor Swift’s new album is fine, and that might be the problem

Ego, art, and the quiet tragedy of getting everything you ever wanted

Belle is the staff writer at Seen & Unseen and co-host of its Re-enchanting podcast.

Taylor Swift, dressed as a showgirl, sips from a glass.
Taylor Swift, showgirl.
Taylorswift.com

Taylor Swift released an album last week and, from what I can see, the world seems to hate it.  

Life of a Showgirl was written and recorded while Taylor was on her two-year-long Era’s tour, hence the album’s title. She would fly to Sweden between tour dates to record with the infamous producers, Max Martin and Shellback. This matters. Why? Well, because this means that each song on this album has grown out of the soil of unfathomable success; record-breaking numbers and history-making impact, it’s not an exaggeration to say that the Era’s tour shifted the landscape of popular culture. Many critics have reflected on this context, citing ‘burnout’ and ‘frazzle’ as reasons why this album sits far below Taylor’s usual standard. 

They implore Taylor to take a day off: put her feet up, recuperate, and re-gather her musical senses.  

Then there are the critics who seem to be directing blame toward Taylor’s obvious happiness. If you didn’t know, she’s engaged to American footballer, Travis Kelce – and they, as a couple, are sickly sweet. Honestly, they’re defiantly mushy. They’re cheesy to the point of protest. They’re just happy – and, apparently, therein lies the problem. I’ve heard more than one critic quote Oscar Wilde in their takedown of Swift’s latest offering: 

 ‘In this world there are only two tragedies: one is not getting what one wants, and the other is getting it’. 

This album, they say, is proof that Taylor Swift is victim to the latter kind of tragedy. She’s got everything one could ever want, and the world seems pretty agreed that her music is suffering because of it. We like to keep our artists tortured, thank you.  

For the record, I don’t hate the album. But I don’t love it either. I resonate with The Guardian’s Alexis Petridis who writes that it simply ‘floats in one ear and out the other’. There’s nothing to hate about it, which, I guess, also means there’s very little to love about it.  I’m not outraged, nor am I enamoured – and I say that gingerly, because I fear that’s the worst review of all.  

So, in some ways I’m agreeing with the general consensus – Life of a Showgirl is not Taylor Swift’s best work. I don’t, however, think that her success, nor her happiness, are quite to blame for it. I think those are slightly lazy critiques, they’re shallow scapegoats. 

I think, rather, the problem with this album is that Taylor has made herself the biggest thing within it.  

When introducing the album on Instagram, she thanked her collaborators for helping her to ‘paint this self-portrait’ – the strange thing is that this ‘self-portrait’ feels considerably less honest or authentic than her previous, more conceptual, albums.  

I’ve spent a couple of days wondering why this is and have come up with two theories.  

Firstly, we tend to be far more honest to and about ourselves when we’re able to kid ourselves into thinking that it’s not actually our own selves that we’re talking about. For example, I think of Billie Eilish’s Grammy and Academy Award-winning song – What Was I Made For? – which she wrote to accompany Greta Gerwig’s Barbie movie. In an interview, Billie explained how writing a song about a Barbie somehow allowed her the space and freedom to create the most honest, raw, and revealing song she’d ever written.  

We’re self-preserving creatures, you see.  

If we’re knowingly speaking of, writing about, painting or in any way presenting ourselves - our ego gets in the way, preferring us to offer the world a shiny, carefully constructed façade.  

Taylor, in intentionally painting a ‘self-portrait’, has unknowingly offered us less than herself.  

And, now for my second theory. Every good self-portrait is actually about something bigger than its subject; they are able to point toward something more universal than the individual reflected. I think of Frida Kahlo’s self-portraits, the way she used her hair to communicate societal expectations, or how she framed herself with wildlife, or the time she painted a necklace of thorns around her own neck – leaving an uncomfortable feeling in the pit of the beholder’s stomach as they think about the nature of pain and liberty. She painted herself, endlessly. Kahlo pointed to herself in order to point through herself – she was never the subject that she was most interested in, she was never the biggest thing in her own self-portrait.  

Like I say, the problem with Taylor Swift’s okay-ish album is simply that she is the biggest thing within it. The key ingredient it’s lacking is awe; it leaves nothing to marvel at.  

And that’s rare for Taylor.  

I’ve often written that she is a Romantic in every sense of the word; concerned with the feelings and experiences that are powerful enough to knock us off our feet: big feelings, big thoughts, big truths, big questions, big mysteries, big language. These things have always been baked into her lyrics. 

This album, in comparison, feels small. It doesn’t transcend Taylor Swift’s feelings about – well, Taylor Swift. She hasn’t quite managed to point through herself, she is the sole subject of her own self-portrait.  

And therein lies its OK-ness.  

Honestly? Therein lies all of our OK-ness. Taylor Swift may be anomalous in many things, but not in this - the presence of ego means that we’re all prone to self-portrait-ise ourselves. Left unchecked we are (or at least, we can be), what Charles Taylor calls, ‘buffered selves’; thinking of ourselves as the maker and subject of all meaning, shielded from awe and wonder.  

But the best art will never flow from those who think themselves the biggest and deepest subject. Because, quite simply, we’re not.  

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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.