Article
Culture
Generosity
Virtues
6 min read

We need to rescue volunteering

Our use of the word now reflects unwanted obligations, rather than a deep desire to serve.

Juila is a writer and social justice advocate. 

Two small lifeboats raft together on a river rescue.
Lifeboats on the River Thames.
x.com/rnli_teddington

It’s a hot summer evening and there are 30 of us sweating in our dry suits. Tuesdays usually mean lifeboat training, but this night is a little different. An intermission from the usual intensity of a team-building exercise: racing two lifeboats across the river Thames. Allocated into teams of two rowing in a knockout tournament, we are going to be here for a while. Our cheers provide the soundtrack for the BBC radio crew recording a programme on volunteering. The mood is convivial; the competition is fierce. None of us have to be here; all of us choose to be. We are a lifeboat crew, and we are all volunteers.  

Around 25 million people in the UK do some form of volunteering. And they are celebrated during Volunteers’ Week, which has been running for 41 years. The benefits are well documented these days. The mental and physical health boost. A sense of purpose. The chance to learn new skills. A route to forging connections with other people. 

Despite this, though, the number of people volunteering has been on a twenty-year decline. One in three organisations are struggling to retain volunteers, in part due to the cost-of-living crisis making people’s time and capacity more precious than ever.  

Beyond that, our use of the word seems to have shifted to reflect unwanted obligations, rather than a deeply held desire to serve. ‘I suppose I better volunteer to put out the chairs’ we might pronounce with the deathly weight of Katniss Everdeen’s ‘I volunteer as tribute,’ glancing to the left and the right in case anyone saves us from the undesirable task. It seems the very idea of volunteering needs rescue.  

It wasn’t on my radar to be lifeboat crew, but an unexpected new job in an unfamiliar London suburb unlocked this possibility. When I considered ‘Why wouldn’t I?’, I couldn’t find a strong reason. So, one autumn evening I trekked down for my first Tuesday night at Teddington lifeboat station. It was time to fill in the paperwork: I was officially a volunteer. 

Over the months that followed, I found myself wondering why other people gave their time, energy and skills to complete the nearly 50 training modules and to be available 24/7 when someone on the water was in need. I hungered for people’s stories, to know why they kept answering the call when their beds were warm and the night was unknown. So, over the four years that I was on the crew, I asked them. I spoke with teachers and students, company directors and full-time parents. I heard stories of multiple generations on a crew, their family’s blood running orange and blue. One woman spoke of overcoming her fear of heights to scale the side of a boat; another had an unexpected tale of a dolphin attack. Each time, I had the same question: why do you do it? 

And I was struck by the fact that none of them gave an answer that fully added up. They could name parts of it: care for people, teamwork, a love of the sea. Sometimes of the reasons they started (‘Dad did it’) were not why they stayed on (‘I could make a palpable difference’). I didn’t meet anyone who didn’t enjoy being on the water. Play and peril can co-exist – and we need to have moments of joy along the way if we’re going to be in it for the long haul. But in each case, the answers always seemed to come up a little short. If I was looking for something neat and complete, I wasn’t finding it.  

This is, perhaps, the difference between volunteering and having a hobby. At some point, volunteering will cost you something. 

Back on the river, the knockout races are suddenly interrupted. A call from the coastguard: there’s a person in difficulty in the river. The mood switch is instantaneous; the action swings from contesting to collaborating to get a boat headed upstream as fast as possible. Somewhere, someone is having a very bad day. This is what we exist for.  

The RNLI was born out of a need. In the early nineteenth century, nearly 2,000 ships – and their crews – were being wrecked on British and Irish coasts every year. Sir William Hillary saw this loss firsthand from his home on the Isle of Man, joining with others to rescue as many as possible – but it wasn’t enough. People continued to perish. So, he rallied other activists and philanthropists, and in a London pub, the charity now called the Royal National Lifeboat Institution was formed. Hillary’s motto, 'with courage, nothing is impossible’, can still be found adorning lifeboat stations around the country. 

None of the lifeboat crew members that I met seemed to think of themselves as anything but ordinary. They were full of admiration in the stories of fellow crew mates, but saw themselves as entirely human, naming everyday needs and familiar comforts. Writing about courage, Andrew Davison recognised that, 

 ‘The willingness of a courageous person to forgo ease, safety, the comforts of home, and even to risk life and limb, does not spring from hatred of any of those things’.  

This is, perhaps, the difference between volunteering and having a hobby (also commendable for its health benefits, sense of purpose, opportunities for connection). At some point, volunteering will cost you something. That sacrifice is needed demonstrates the level of care; otherwise, it’s simply another act of self-actualisation in the service of the volunteer themselves. 

It’s dark on the river and the boat crew is still out. The BBC’s team has packed up for the evening. We have tidied the station, no evidence of the antics of hours earlier. We depart. Close to midnight, those of us who can, return. We bring the boat in from the water, and make it ready for the next call, which will inevitably come. One less job for those who’ve been on duty all evening. It’s the least we can do.  

In the origins of the term is a spirit of offering. The Latin voluntaries carries a sense of ‘to give of one’s free will’. This, perhaps, is where we’ve lost our way with the whole idea. For there to be a sense of duress in volunteering is to strip the generous act of its power. Where there is obligation on one side and self-interest on the other, we can find the middle ground marked by devotion, by having chosen to serve and therefore having the commitment to see it through. This is the invitation that volunteering can offer us, and that I glimpsed from people who had been volunteering on the lifeboats for decades.   

Writing to the sea-faring city of Ephesus in ancient Greece, the church leader Paul encouraged people to ‘submit to one another’, which is another way of saying sacrificially help each other. In smaller coastal communities, a lifeboat crew might be called out to save a family member. In London, a city of millions, it will always be a stranger. But either way the decision was the same: to show up. The reasons why we do it don’t always add up. There are flavours of compassion, of wanting to be useful, to be part of something bigger. But there seems to be something else as well. A dedication to meeting a need. Put another way, we might call it love. 

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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.