Article
Culture
Politics
Psychology
5 min read

To troll or be trolled?

Laughing at others conceals a terror of being laughed at ourselves.
Donald Trump gestures with his hands while someone holds a mic in front of him,

Politics and satire belong together, they deserve each other. Humour has been part of politics ever since the first jester dared jingle a bell in the face of a king. Those who get their kicks from bursting the bubbles of the pompous are drawn to the corridors of power like moths to a flame. But in recent weeks laughter has hit the headlines again. A couple of weeks ago, when Democratic presidential candidate Kamela Harris chose her running mate Tim Walz, the only thing most of us knew about him was that he was the one who had called Trump ‘weird’. A few minutes of furious googling later we knew much more, but the suspicion lingered that he had been picked for having finally answered the question that had plagued the Democrats for nearly a decade: how do you deal with Donald Trump? 

As a psychologist who works with leaders I have been asked this question numerous times. How do you go up against someone with the magnificent trolling skills of Trump? Is it possible to win against a person so adept at humiliating those who oppose him? And I think Walz is on to something. He hasn’t called Trump a threat to democracy or labelled his supporters a basket of deplorables. No. He has called Trump weird, and his supporters good dinner guests. Why is Trump weird? Because, says Walz, he has never seen him laugh. 

Trump is not the only one accused of being humourless. Our own former Prime Minister, Liz Truss, was equally unamused at becoming the butt of the joke, when a banner reading ‘I Crashed the Economy’ next to a googly eyed lettuce quietly descended behind her during an onstage interview. She left the stage abruptly and was quick to respond on X that what had happened was not funny. Most people thought it was funny and that she – like Trump – was slightly weird not to laugh it off, at least a little bit. As the political prankster Noël Godin once said: there is no better way to judge a person’s character than by how they behave when hit by a custard pie. 

We spend our lives subtly and unconsciously evading the slightest whiff of humiliation. 

There is however a deep psychology behind all this hilarity, or lack of it. For decades now psychologists have conducted numerous studies on the phenomenon of Gelotophobia. Not the fear of ice-cream, as one might initially think. Gelotophobes you’ll be pleased to know are perfectly capable of holding it together in the presence of a knickerbocker glory. What they fear is being laughed at, and as always this sounds infinitely more sophisticated translated into Greek (gelos/laughter, phobos/fear). Much of the gelotophobia literature is a heartbreaking tale of young people crippled by the fear that others will laugh at their weight, or their acne, or target them for bullying. Sticks and stones may break our bones, but mocking words it seems can leave us socially terrified for the remainder of our adult life. In its most debilitating forms gelotophobia is a cause for clinical intervention.  

But the study of gelotophobia goes further than treating the clinically distressed. Lurking among the samples and statistics is a wisdom that helps us understand why Trump and Truss are the people they are, and more importantly teaches us something about ourselves. Because most of us in some mild sub-clinical way are gelotophobes. We spend our lives subtly and unconsciously evading the slightest whiff of humiliation.  Margaret Atwood was no doubt right to say that men are afraid that women will laugh at them, and women are afraid that men will kill them. But many people would rather die than be laughed at. 

Could it be that our love of laughing at others conceals a terror of being laughed at ourselves? 

One of the primary findings about gelotophobia, is that those who are most scared of being laughed at are also scared to laugh. To say of Trump or Truss that they lack humour is equally to say that the last thing on earth they want is to be the object of laughter. Most gelotophobes were once victimised, ostracised or bullied, and humour was the chief instrument of their humiliation. They were forged by the cruel conditioning of mockery. As a result, they view laughter-eliciting situations negatively. In facial coding studies they show less joy and more contempt when presented with smiling joyful people. The inner freedom to join others in laughter has been quashed by the suspicion that the laughter of others is a threat. Some compensate for this by making sure they always have the upper-hand, always the troll never the trolled. Which speaks to another finding, more applicable to Trump than to Truss, that derisive humour is the way narcissists conceal their vulnerability. Behind every grandiose expression of superiority, lies a shame and inferiority that can be defended by attacking others. 

Gelotophobia ultimately is a subtype of our fear of being disliked, and if the bestseller lists are anything to go by, this is clearly a pressing concern for many people. Fumitake Koga and Ichiro Kishmi brought the wisdom of Japan to the question in The Courage to be Disliked, and Ryan Holiday did the same from a Stoic perspective in Courage is Calling. How to live in a world that shapes us through the threat of ridicule has been pondered for thousands of years. It even turns up in the New Testament of the Bible. When the disciples of Jesus stepped out to deliver their first public discourses, they were accused of being drunk, stupid and presumptuous. The word used to describe them in the historical sources is parrēsia, usually translated bold, but perhaps more accurately rendered the freedom to say anything (pas- all; rheō- to utter). For them freedom of speech was not a societal given but a virtue they enacted in spite of their society. 

In the ancient world the term parrēsia was more often used to describe the counter-cultural courage of the Stoic philosophers. But the disciples were not Stoics. They weren’t schooled in the rigours of Greek philosophy, but rather apprenticed to the Hebrew prophetic tradition. A tradition which equally appreciated the inevitable opprobrium befalling those who presume to critique and rejuvenate a stale culture. They were simply following the teaching of the master who pointed to ridicule, scorn and gossip not as PR disasters to be managed, but as prophetic honours to be celebrated. Or, as Marty Babcock once claimed, ‘Jesus promised his disciples only three things: they would be absurdly happy, entirely fearless, and always in trouble.’  

We should be cautious then laughing too much at the embarrassments that befall our political class, and perhaps more attentive to what our schadenfreude might point to within us. Could it be that our love of laughing at others conceals a terror of being laughed at ourselves? Even worse, what if vindictively celebrating their misfortunes is itself a symptom of the inner helplessness, inertia and unfreedom we claim to oppose? Or, to give the same question a more positive inflection: what would we be doing or saying differently if we were genuinely and entirely free of the fear of being ridiculed?  

Blessed are those who do not fear the laughter of others for they may change the world. 

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.