Article
America
Conspiracy theory
Culture
Politics
5 min read

US election: the primal stories trumping facts

Projections and polls cannot capture the power of stories shaping identity.

Jared holds a Theological Ethics PhD from the University of Aberdeen. His research focuses conspiracy theory, politics, and evangelicalism.

a map depicts US states coloured red and blue.
538 election prediction map.
ABC News.

Washington D.C. — Election throes in America are intensifying while citizens prepare to cast their votes. The last week alone has been something like a whirlwind, not to mention the entire campaign itself. 

Last week, Americans tuned into the first and possibly final Presidential debate between Trump and Harris. On the heels of the debate came a flurry of propaganda leveled by JD Vance (and promoted by Trump) against Haitian migrant communities in Ohio. These claims resulted in bomb threats and school closures. 

And to wrap up the week, a second assassination attempt on Donald Trump in nearly as many months. Trump and his campaign, quicker and more direct that the first attempt, quickly cast the blame towards Democrats, specifically for what they see as violent rhetoric in describing Trump as a “threat to democracy.” Trump meanwhile continues to campaign on threats and claims of election fraud, refusing to signal he’d accept the certified results of the election in the event he loses.  

That’s just another week in an unpredictable American presidential election. 

Americans are besieged, all of us, by a throng of pollsters, partisans, and pundits. Each trying to ride the raging bull of the election cycle. 

And life goes on. For now, in this time, in my small corner of American life, I find there is this mixture of exhausted apathy and existential rage. In view of the spectacle, there’s a general exasperation of “what will happen next?” But more personally, dispersed on social media, is the existential zeal and dread—“we” have to defeat “them!”   

The danger of this mixture is twofold. Just as odd as it is potent. It is also combustible. And just as it can lay dormant; it can also be summoned by a mere spark.  

Americans are besieged, all of us, by a throng of pollsters, partisans, and pundits. Each trying to ride the raging bull of the election cycle with predictions and projections. Some offer prayer. 

I listen in on conservative Christian talk radio. Prayers offered on air for God to intervene. What follows is a litany of slogans— “secure our borders” and “defend life” and “the economy” — and of course prayers for the salvation of those who think differently.  

Then, there’s more daring outrage merchants with deep pockets. Those who try to shift the election through nefarious means. Like the case of Tenet Media, a media network of right-wing American podcasters who were recently indicted by the Justice Department for receiving Russian funds through fronted companies.  

It seems to me that the heart of the matter in the midst of this election, deeper than policy and beyond the spectacle, is that none of us are entirely sure what reality another person inhabits.  

A new study published last week found that most registered Republicans (at 67 per cent) trust the Trump campaign as their primary source for election information. Trump’s word, for nearly three quarters of his party, is given more authority than government certification, media-based news, or local news. 

This raises the possibility that, in 50-some-odd days, if Trump refuses to concede, if he repeats claims of election fraud, his base seems ready and willing to believe it.  

Our social and political worlds have been set on fire not for want of facts but by stories which overpower fact with meaning.

Alongside the debates about policy, the propaganda that stokes division and dehumanizes migrant communities, is a deeper crisis of source authority. Of not just “facts” but truth, of meaning, of reality. 

The study revealed that most Americans signal they tend to trust information that comes from “data” and “facts.” But oddly enough, nothing about that statement seems to accord with the on the ground reality of America’s social fabric.  

We should know by now: facts have never been enough.  

100 years ago, as novelist Rebecca West reflected on the chaotic series of events that sparked World War I, she admitted, “I shall never be able to understand how it happened. It is not that there are too few facts available, but that there are too many.” 

 What seems “real” for many Americans is not (and perhaps has never been) rooted entirely in the all-powerful “fact.” Our social and political worlds have been set on fire not for want of facts but by stories which overpower fact with meaning. These stories are primal. They’re the kind which create identities and bind communities. They are rich in meaning and so prove entirely immune to fact-checking operations. Source authority has no power apart from primal stories. And though projections and polls tend to focus on the data, they cannot capture the power of stories which create identity and contain community. This is the stuff the vote is made of, too. 

This past week, JD Vance defended his propaganda in the form of conspiracy theories of Haitian migrants eating pets by telling CNN, “If I have to create stories so that the American media actually pays attention to the suffering of the American people, then that's what I'm going to do.”  

Ends-justifies-means has always been ascendant in politics. Nobody is arguing that MAGA invented political expediency. But this election is careening towards deep waters which we would do well to avoid. 

“Propaganda is a means to an end,” said Reich Minister of Propaganda Joseph Goebbels in 1934 before an audience at Nuremberg, “…it provides the background music...[it] miraculously makes the unpopular popular, enabling even a government’s most difficult decisions to secure the resolute support of the people.” 

I do not know what the next 50 days will hold. I remain deeply concerned that the word of Trump aspires to assume an authority which sees democracy as a meddling imposition in one man’s destiny. But I do know that none of this is fated. As Augustine observed during the throes of Rome’s collapse: “Bad times! Hard times!” this is what they are saying. But let us live well and the times shall be well. We are the times. Such as we are, such are the times. 

May it be so. 

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.