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4 min read

There’s light and darkness in journalism’s truth game

“There’s your truth, there’s my truth and there’s the truth.”

George is a visiting fellow at the London School of Economics and an Anglican priest.

A church altar holds commemorative frames of killed journalists
The Journalists’ Altar.

The Journalists’ Altar at St Bride’s church, on London’s Fleet Street, bears the Perspex tombstones of reporters and their colleagues who have died in wars and conflicts around the globe, in the act of bringing news to us.  

This solemn memorial is joined by new ‘stones’s for Anas al-Sharif and his four-man crew from Qatar-based al-Jazeera, who were killed in a targeted strike on their tents at the gates of the Al-Shifa hospital in eastern Gaza City. 

It was worth checking that they’re included on the altar, as there’s the sneaking suspicion that someone might have decided that honouring them in this way would be inappropriate or even inflammatory. The Israel Defence Forces (IDF), who killed them, would certainly take this view, having described al-Sharif, one of the few television correspondents bravely to have remained in northern Gaza, as a “terrorist” who “posed as a journalist.” 

Journalist rights groups, such as the Committee to Protect Journalists (CPJ), as well as, unsurprisingly, Al Jazeera itself counter that this is baseless. The CPJ adds “there is no justification for [the] killing.” 

Of course there isn’t. Al Jazeera is pro-Arab and consequently pro-Islam and, therefore, anti-Israel. Al-Sharif may have had links with Hamas in the past, but he and his colleagues were demonstrably non-combatant. If we start killing journalists who are biased against us, we’re entering very dark moral territory indeed. 

I worked for The Observer when it was owned by conglomorate Lonrho and it promoted proprietor Tiny Rowland’s best interests in Africa and in his battle with Mohammed Al-Fayed for ownership of Harrods. News Corporation’s titles aren’t famous for exposing and criticising the activities and opinions of the Murdoch family. 

It might be a stretch for even their fiercest critics to suggest that Rowland or the Murdochs had committed acts of terrorism, but the point is that journalism, good or bad, is never truly independent. That al-Sharif and his friends had associations with Hamas is largely irrelevant. Indeed, journalists must have contacts with the dark side.  

If we’re at risk for our allegiances, then it’s not just us but freedom itself that is under threat. Imagine if we could be arrested for sympathising with supporters of Palestine Action, currently a proscribed terrorist organisation in the UK. That, worryingly, begins not to sound too farfetched. 

Journalism, when it works properly, shines as a light in the world’s darkness, revealing what’s really going on. It’s what makes it a less trivial professional activity than many other walks of life. The Journalists’ Altar bears testament to that.  

The light shining in darkness is central to the Christian tradition, revealed in the prose poetry of the opening sequence to John’s gospel (a line of which appears on the Journalists’ Altar). It is inextinguishable, exists only because darkness exists and is revealed in the human capacity for love, the triumph of hope over despair and lives led self-sacrificially. 

That’s way too much freight for humble old journalism to carry. But it is true that journalism shines a light in human affairs, the better to reveal what lies in the darkness so that we can examine it. In that endeavour, it shares an interest in truth 

A late and lamented Observer desk editor of mine once told me dolefully, when I wailed that lawyers were preventing a story I knew to be true, that “there’s your truth, there’s my truth and there’s the truth.” I don’t think he meant to mark the difference between subjective and an objective, absolute truth, but he did define the truth game that we’re in. 

As it took Gaza’s territory, Israel’s government long ago ceded its moral ground – quite an achievement given the scale of the atrocities committed by Hamas on Israel’s people on 7 October 2023. It simply cannot afford to allow the light of what is true to shine in the darkness of Gaza. So, it bans foreign correspondents from reporting from within the Strip. 

“Democracy dies in darkness” has been the slogan of The Washington Post since 2017, a line it lifted from its Watergate heritage. There’s been a fair bit of chortling and downright rage at this conceit since its newish proprietor, Jeff Bezos of Amazon, declined to allow the Post to back the Democrat candidate against Donald Trump at the last US election (those pesky owners again). 

But it’s not really democracy that dies in the dark. It’s just that we can’t see in the dark. We need light to do that. Journalism, for all its weaknesses and absurdities, provides some of that light. Israel, Gaza and the deaths of five Al Jazeera journalists show that it’s a light that isn’t inextinguishable. That’s more than a worry. 

Al Jazeera’s anchor Tamer Almisshal nailed it: “Israel, by killing and targeting our correspondents and team in Gaza, they want to kill the truth.” Our democracies need to ensure that doesn’t happen. 

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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.