Article
Belief
Culture
Time
5 min read

Ted Giola is right: we’re all addicts now

Addiction to distraction prevents deep thought about our place in time.
A clock repair peers at a clock he is repairing, amid a see of alarm and wall clocks on display

There’s a joke told by David Foster Wallace in a speech called “This is Water”. Two young fish are swimming and come across an older fish swimming the other way. The older fish says “Morning boys! How’s the water?” The two fish swim on until one of them turns and asks, “What the hell is water?” Unlike fish, however, for humans time is the water in which we swim. There can be no understanding or meaning in life without time.  

Take the ending of the old BBC sitcom Blackadder Goes Forth. It’s set in World War One, as a group of soldiers try to escape the near-certain death of going over-the-top. In the last episode, they are stood at the foot of their trench, waiting to attack the enemy. Suddenly, the artillery stops. One soldier takes this as good news: “It’s over!” he shouts, “The Great War: 1914 to 1917!”  

This joke only makes sense with time. I can only find this funny from the perspective of someone in a different time from those in the narrative. This only makes sense to someone who knows the war instead finished in 1918. Time makes the joke.  

Robert Jenson, the late American theologian, was wrong about a lot. But he was often wrong in the right way. Jenson wasn’t afraid to follow through on the implications of some of Christianity’s most fundamental claims, even if led him down paths others would be wary of treading. If Jenson ends up entering the pantheon of the Church’s great teachers, it will be for his flaws as much as his successes.  

We are, Giola argues, entering a ‘post-entertainment culture’. We’re no longer seeking entertainment. We’re seeking distraction. 

One of the most helpful aspects of Jenson’s theology is on time. We often think of time as some sort of process, a way of moving through life and getting from A to B. However, Jenson stressed that time is a creature: a thing given existence by God, not just some neutral aspect of the universe to be taken for granted. God is without time and may have created us to be creatures without time, too. But God did create time and created us to live within time. This suggests we might learn something about human nature by reflecting on what it means to be creatures that inhabit time.  

But time is so ubiquitous that we can’t think about time except as creatures within time. It is, in other words, like trying to bite your own teeth.   

Okay, great. Time is important. Big deal. Why should you care? Isn’t this just the sort of nonsense philosophers come up with to look busy? Well, this matters because our ability to think with and in time is under serious threat. And with it, our ability to flourish as creatures.  

For the last two years, the famed music critic Ted Giola has offered his thoughts on the state of culture. This year’s is a rather bleak read.  

Giola argues that we’ve misunderstood the relationship between art and entertainment. We often think of art as something done for the artist, while entertainment is something done for the audience. Creatives must choose whom they create for: themselves, or their audience.  

Instead, Giola suggests it’s better to think of a food chain. Entertainment is parasitic upon art and uses the artistic to fuel its inexorable growth. Recall Martin Scorsese’s infamous comments about the Marvel cinematic universe: they’re not cinema, they’re rollercoster rides; they’re not art, they’re entertainment. 

But there’s always a bigger fish. We are, Giola argues, entering a ‘post-entertainment culture’. We’re no longer seeking entertainment. We’re seeking distraction.  

But the short-term, instant response culture that social media habituates us to cannot come at the expense of the long-term work of genuinely deep thought.

Films become TV shows become TikToks. Books become blog posts become tweets. The ways in which we engage in reflection upon the world around us are increasingly reduced to shorter and shorter soundbites and the expense of substantive, thoughtful analysis. 

Distraction involves short, repetitive interaction with stimuli to produce dopamine hits. Because this leads to pleasure, we repeat the process until we become habituated to it. We become addicted to it.  

Crucially, this addiction to distraction itself is the very thing being sold. We don’t become addicted to the content of what we watch; we become addicted to the form of it. “The medium is the message,” Marshall McLuhan famously said, and so it is here too. We are becoming habituated to addiction itself. Distraction is merely the way in. We are, as Giola shows, all addicts now. 

There are, of course, numerous worrying issues this raises. Giola himself does a fantastic job at covering some of them. However, in addition to all the psychological harm this addiction does, our addiction to distraction is curtailing our ability to inhabit our nature as creatures in time. 

As we saw earlier, time brings perspective, and perspective brings understanding. We depend on time itself to help us make sense of events in the world and in our lives. The creature that is time is, in this respect, a gift from God and a reminder of our own limitations as co-creatures with it. 

But, the more we become addicted to short-term distraction, the less able we are to inhabit understandings of the world that emerge as a result of long-term reflection and deep thought. We are becoming creatures in time who are gradually losing sight of our dependency on time itself to understand what is most in service of the common good.   

Look, social media and everything that accompanies it can be great. The ability to respond to news in real time has its benefits. Public narratives have become increasingly democratised and that is only a good thing. But the short-term, instant response culture that social media habituates us to cannot come at the expense of the long-term work of genuinely deep thought. 

If we are to move away from the near-universal sense that everything is on the verge of collapsing into chaos, perhaps the first step we might take is to begin again to work with, not against time. If the short-termism underwritten by addiction to distraction is one of the myriad factors that contributes to our pervasive sense of unease, perhaps we might commit to thinking more slowly? 

Robert Jenson was right; time is a creature. We forget this at our peril. Some things can only be healed with patience and the slow passage of time. Until we retrieve an understanding of time as gift, not burden, our capacity to grapple meaningfully with the real substantive issues we face will remain beyond our reach. 

Article
Culture
Economics
Ethics
1 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.