Article
Character
Comment
Film & TV
5 min read

Traitors reflects an age of deceit and disappointment

Behind the game play, we're yearning for authenticity and connection.

Alex Stewart is a lawyer, trustee and photographer.  

A montage shows a Scottish castle, the host of the V show the Traitors and a dark scary scene.
BBC.

‘What a tangled web we weave when first we practise to deceive.’ 

Some people, it seems, are not cut out to be liars. I felt for Freddie, one of the last contestants to survive on The Traitors, who found out the hard way. A fumbled recounting of a fabricated conversation with fellow Traitor Minah was enough to seal his fate, and soon he too was banished from the castle. The sad irony was that until his last-minute recruitment as a Traitor, Freddy had in fact been a Faithful for most of the show, insistently proclaiming his innocence and now cruelly denied his chance of vindication. But that’s all part of the game: shifting identities and alliances mean nothing is at it seems, and trusting is fraught with risk.  

Part of the success of The Traitors is that it has very successfully tapped into a pervasive national mood: the feeling that we are constantly being deceived, misled, spun or manipulated. This is hardly surprising. Trust in politicians and institutions is at an all-time low, eroded by scandals, misinformation and truth dodging. From the Post Office and the contaminated blood scandals to the manipulation of unpalatable facts to the non-apologies of the guilty, the British public has become increasingly sceptical of those in power.  

The 2024 British Social Attitudes survey, conducted by the National Centre for Social Research, revealed that public trust in the UK's system of government has reached a record low, while a similar survey by the OECD reported that only 27 per cent of people in the UK reported high or moderately high trust in government, well below the OECD average of 39 per cent.   

But it’s not just politicians and institutions that we distrust. The new world of deep fakes, misinformation, and AI-generated content seems also to have had a corrosive effect on our ability to trust one another.  A recent CREST Insights report indicates that only 41 per cent  of respondents now trust their neighbours, while the Edelman Trust Barometer tells us that this distrust has, for some, moved from resignation to outright hostility, with one in two young adults approving of hostile activism as driver of change - including attacking people online and intentionally spreading disinformation.  

With this backdrop, it is hardly surprising that the contestants of The Traitors are susceptible to high levels of paranoia, and see Machiavellian deceit and betrayal as their only way to survive and have any chance of winning.   

But the human cost of betrayal is high and psychologically taxing. The constant need to fabricate stories, remember lies, and manage the stress of potential exposure requires huge cognitive and emotional effort. The effects are tangible as the contestants suffer variously from anxiety, paranoia, and emotional exhaustion.   

Meanwhile the building paranoia is stoked by regular invocations of the dark supernatural as cloaked figures and effigies shift the atmosphere from wink murder to The Wicker Man, and Claudia presides over proceedings with the authority of a pagan high priestess. Even the game operates within a quasi-religious framework of sin, confession, and punishment. Players who lie and deceive will eventually face judgment, from their fellow contestants and the millions watching at home

What appeared to be crocodile tears turned out to be genuine tears of despair as the demands of the game took its toll on her conscience and integrity. “I hate it. I hate how I was.” 

Although everyone knows it’s just a game, the prolonged deception has real world repercussions that continue beyond the show's end.  Many of the contestants struggled to reintegrate into their daily lives, facing challenges in rebuilding trust with loved ones and grappling with their actions during the game. The vicar, Lisa, told of the discomfort of having to explain away her absence on the show as a ‘retreat’, while the winners, Jake and Leanne, both said how difficult it had been to adjust post-show, pointing to a lingering paranoia and the strain of having to keep their victory a secret. 

And yet, while betrayal and deceit define the show, it is often the genuine friendships and moments of trust that resonate most. Few will forget the ‘mother to mother’ pact made by Frankie and Leanne in the kitchen and the emotional final banquet when the suspicion and distrust were briefly lifted. Behind all the game playing, the yearning for authenticity and connection as an antidote to isolation could not be suppressed. 

There are also inspiring moments of hope, vulnerability and redemption. Alexander, the charming diplomat, tells his heartfelt story about his late brother, who had developmental disabilities, which prompted his fans to donate over £30,000 to Mencap. Jake, who suffers from cerebral palsy, overcomes great odds to become one of the winners, and Leanne and Charlotte open up about their struggles to conceive. Each contestant had a back story that humanised them. Even the aloof high priestess herself shed tears, albeit in unaired footage, over her contestants’ traumas.  

But it was Charlotte’s struggles that I found most inspiring. As the final Traitor, she seemed at first to relish her role with a very convincing series of lies, even turning on her fellow Traitor Minah. But it became apparent towards the end that, inside, she was in turmoil. What appeared to be crocodile tears turned out to be genuine tears of despair as the demands of the game took its toll on her conscience and integrity. “I hate it. I hate how I was,” she said later. “I felt so cruel. How I had to be to stay in the game – it was an immense pressure.”   

Catharsis, when it came, was through forgiveness, especially from Frankie, the contestant who perhaps more than any other had reason to be hurt by Charlotte’s betrayal; they had after all been best friends within the confines of the castle. Charlotte later admitted to badly needing her forgiveness, which gracious Frankie was only too happy to give.  

In an age of deceit and disappointment, Charlotte’s honesty, vulnerability and willingness face up to her actions and be reconciled with her victims, rather than justify them or offer a hollow non-apology, and Frankie’s willingness to forgive - offer us the hope that there can be a way out of the doom loop of deceit and broken trust.   

Join with us - Behind the Seen

Seen & Unseen is free for everyone and is made possible through the generosity of our amazing community of supporters.

If you’re enjoying Seen & Unseen, would you consider making a gift towards our work?

Alongside other benefits (book discounts etc.), you’ll receive an extra fortnightly email from me sharing what I’m reading and my reflections on the ideas that are shaping our times.

Graham Tomlin

Editor-in-Chief

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.