Article

Christmas culture

Culture

18 December 2023

4 min read

TV’s search for the perfect Christmas special

Sitcoms rely on expectation and conventions. Here's the one rule that gets broken at Christmas time.

James Cary

James is a writer of sit coms for BBC TV and Radio.

Dressed in camouflage uniforms and makeshift costumes, soldiers create a nativity scene

Bluestone 42 Christmas Special, 2013.

BBC.

There are rules to sitcoms. I should know. I’ve been writing sitcom scripts for over twenty years. This includes two Christmas specials (Miranda and Bluestone 42). When you start writing a Christmas episode of a sitcom, you look back to Christmas specials you saw as a child. Soon, you are aware that there are certain expectations for a Christmas special. You also realise you can break one of the rules of sitcom.

Before I explain what that is, let me give you the basic rules of a TV sitcom. Essentially you need three things: Characters; conflict; and a confined space. Each episode has a beginning and a middle and end, but the characters must end up back where they started.

The characters in a sitcom are in conflict. They have contrasting viewpoints, seeing the world very differently. And they are confined, unable to walk away from each other because they are family (Think Del and Rodney in Only Fools and Horses), or they have to work together (Think Sir Humphrey and Hacker in Yes, Prime Minister) or they all live in the same suffocatingly small village (Think Geraldine and Alice in The Vicar of Dibley).

Each week, the characters have quests. They conflict. The story plays out in the same reliably predictable but surprising way. Del Boy has another get-rich-quick scheme; Sir Humphrey tries to stop Hacker from changing anything; and the Vicar of Dibley keeps trying to help Alice and the idiots who surround her. That can’t change, even in a Christmas special.

At Christmas, however, you can have your characters go on a journey. That’s quite a popular option. But the journey has to be arduous – like the journey to Bethlehem – and might involve a pregnant woman (think The Royle Family) – like the journey to Bethlehem. But your characters could go on a road trip in any episode. That’s not the rule you have to break.

Your Christmas special might be centred around your character’s own version of what constitutes ‘the perfect Christmas’. These expectations must be met, but the lesson is normally that it’s all about who you’re with, not what you do. In the Bluestone 42 Christmas special, the bomb disposal team in Afghanistan are away from home so trying to have a ‘normal’ Christmas with turkey and a nativity play in which yonder star turns out to be a mortar attack by the Taliban. But they’re in it together.

Family is always important in a sitcom, but doubly so in a Christmas episode. In Miranda Series 2, our comedy heroine wants to do Christmas her own way with her friends, and not spend the day with her embarrassing and eccentric parents. But she learns a common Christmas lesson that family comes first, home is best, and no-one does Christmas better than your own family. Again, this is not a deviation from the normal rules.

So, what rule does the Christmas episode break? It is cast iron law across all genres of television. It’s the Deus Ex Machina. That’s not normally allowed. Deus Ex Machina literally means ‘God from the machinery’. It’s a Latin term for what happens in Greek theatre. Actors representing gods would be suspended above the stage and at the denouement of the play, they would come down and intervene, so that everything is sorted out.

It’s not for a twenty-first century sitcom writer to say that the Greeks didn’t know anything about theatre, but wow. Modern audiences would not stand for this totally unjustified divine intervention. If a character was about to be exposed by the annual Church fete and at the last minute, a thunderstorm out of nowhere rained off the whole event, you would start throwing things at the TV. If a character declared undying love to another and it was not reciprocated, the sudden discovery of a foolproof love potion in the third act would have the producer, director, the cast and even the make-up lady asking for rewrites.

But at Christmas, God comes down from on high. So, in your seasonal sitcom special, you’re allowed a miracle. In fact, the audience are almost demanding a ‘Christmas miracle’. This is the time of year when magic happens.

This miracle normally happens overnight because that’s when miracles happen. The Wise Men followed the star to the witness the child born of a virgin. Given stars were involved, we presume it was night time (although the text doesn’t say so). Marley and three Christmas ghosts visit Ebeneezer Scrooge at night. He is miraculously transformed by the experience.

Christmas is a time when lots of people going to church who normally would not, but the vast majority of people in the UK do not go to church or worship God at Christmas. But the incarnation, that is story of God made flesh in Christ, keeps poking through and turning up whether we like it or not. If we won’t go to church to hear that story, God will send it through waves and wires and onto our screens in TV specials so that we all remember that Christmas isn’t just a time for family and traditions; it is a time of miracles. At Christmas, we allow ourselves the luxury of belief.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence Fletcher is a journalist at the Financial Times.

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.