Review

Culture

Film & TV

16 January 2024

6 min read

Wealth is worth? Questioning the immigrant experience

Garnering yet more awards, TV series Beef expertly explores identities. Krish Kandiah revisits the K-wave drama.

Krish Kandiah

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

in a dim room a couple stand off against each other.

Steven Yeun and Ali Wong play Daniel and Amy.

Not since the ground-breaking series Breaking Bad can I remember such a captivating opening sequence. A road rage incident escalates. And escalates. And escalates. Just when you think things can’t get any worse in this dark Netflix comedy, the vicious consequences of the feud unravels further. I couldn’t stop watching, and soon Beef had me firmly dragged into the world of two protagonists, who may have had very different experiences of the Korean American dream but were more alike than they would ever dare to admit.

I am a huge fan of the global Korean cultural renaissance known as the K-wave. For me it started with Psy, the breakout Korean singing superstar hitting number one in the UK charts with Gangnam Style in 2012. Then there was BTS, the Korean Take That equivalent, who duetted with Coldplay and became the best-selling band in the world. Parasite was a remarkable movie, that grabbed multiple awards at the Academy Awards of 2020. Squid Game took the concepts of battle royale and Hunger Games to a whole new level and became a Netflix number one global download hit in 2021. Throughout the K-wave decade I have also been an ardent devotee of Samsung, the biggest brand in mobile phone innovation.

Something important is happening with the global recognition of Korean culture. Beef represents another step forward showcasing the Korean diaspora cultural ascendence. At this year’s Emmy Awards it is the third most nominations. It follows on from the Canadian comedy series Mr Kim, which offered an affectionate and amusing exploration of the experience of a second-generation Korean family coming to terms with life in Toronto. Beef similarly presents the US-Korean cultural experience without explanation or apology. It is powerfully assumed that this is legitimate and normal. There is no embarrassment, no exposition: just a cultural and narrative world that the viewer has to catch up with as soon as possible before they miss something.

Beef is Korean and American. It is a comedy and a tragedy. It is also, ultimately, a morality and immorality play. It explores three main issues: anger, identity and aspiration and how they interact with one another – for good and for evil.

But the rage runs deep. It is toxic to everyone it touches. What can break its power?

The instigating event in the show is a road rage incident between Daniel, a second-generation Korean immigrant to the US whose family faced financial ruin when a relative used their motel for illegal activity, and Amy, also a second-generation Korean immigrant, who is on the cusp of banking a multi-million dollar deal. Everything Daniel attempts he fails at. He can’t even manage to successfully end his own life, or even return the faulty suicide equipment to the hardware store he bought it from. Amy, despite outward appearances is also struggling. She is estranged from her parents, stuck in a superficial relationship with her husband, and dealing with a demanding and dismissive mother-in-law and a daughter she hardly sees. The near miss in the car park comes at a pivotal moment for both of these strangers and flips a switch in them that they cannot let go.

The feud escalates between Amy and Daniel with increasingly high stakes and terrible consequences. The more we get to know about our two protagonists the more we understand why they have reacted in the extreme ways they have and how much they both have to lose. I found myself watching through my fingers as I was invested in the characters and was longing for some kind of forgiveness, repentance or reconciliation. At some points faith seemed tantalisingly close to providing an antidote to the beef, holding out hope even in the very last episode. At other points it seemed that love would find a way to stop the tide of anger and revenge. But the rage runs deep. It is toxic to everyone it touches. What can break its power?

If the church were to face up to its own identity issues, perhaps it could be of more help to individuals who brush shoulders with it.

The more we are drawn into the lives of Amy and Daniel, the more we realise that they are both wrestling with major issues of identity. Daniel is seemingly willing to go to any lengths to win the approval of his parents while also clinging so tightly to his brother that he stifles him. Amy too wrestles with a series of strained relationships. Both are lonely, feel unseen and misunderstood. They both carry dark secrets. They both are crippled by feelings of worthlessness and guilt. Amy’s sexual intimacy is inhibited by the sense of betrayal that was caused by her father’s infidelity. Daniel’s work quality is compromised because of the weight of despair and shame. While they both present to the world as successful and strong, inside they experience anxiety, purposelessness and anger.

Beef therefore provides a powerful exploration of identity issues. Male and female, rich and poor, married and single - no-one is exempt from the struggles of knowing who we are and where we fit in. There are moments in the series where the church looks like it has the answer. Going to church is normalised in the show as part of the Korean experience, which appears to be a culturally confident move. But the church is shown to be struggling with its own identity crisis. It accurately portrays the experience of ethnic-specific churches in the West. Yet despite being made up of diaspora communities, more often than not their liturgies, governance structures and forms and language of worship, are based on white western norms. The Korean cultural renaissance has not worked its way into our expression of faith yet. If the church were to face up to its own identity issues, perhaps it could be of more help to individuals who brush shoulders with it.

Beef offers a challenge to the prevailing aspirational culture often normalised by immigrant communities – if you work hard enough you can succeed.

What Dan and Amy have in common is their belief that value or worth in the world comes through the amount of money they have access to. They both graft and strive and lie and steal in order to gain the economic success their parents failed to achieve. Their competitiveness at work spills over into a drive to win at all costs. Riches is righteousness. Financial security is salvation. Wealth is worth. Annihilating the competition is victory. Yet the wealthy people in the show all come to realise the truth of what Jesus taught: “what good is it for someone to gain the whole world, yet forfeit their soul?”

Daniel is clearly faced with this choice right at the beginning of the series. He is at church when the words of a song seem to move him:

“Have you come to the end of yourself?

Jesus is calling.

Come to the Altar…”

This opportunity for a new start is juxtaposed with another. Daniel notices a possibility of ripping the church off financially, luring an ex-girlfriend back and replacing the worship leader. The church becomes the place where he can renounce or receive money, sex and power. He chooses the latter – to his own ultimate downfall.

As a second-generation immigrant, I was told that if I did well at school and set my sights on becoming a doctor or lawyer, then I could earn my place in the world. Qualifications could silence the xenophobes, money could buy me relationships and success could secure my future. Beef offers a challenge to this prevailing aspirational culture so often normalised by immigrant communities – if you work hard enough you can succeed. My Christian faith has changed that perspective for me. It showed me that financial gain was mono-dimensional, that chasing fool’s gold was a fool’s errand. Beef comes to the same conclusion, albeit with stronger language and adult themes. It takes a swipe at the hard- and cold-hearted calculus of personal aspiration, challenges consumptive materialism on its hollowed-out version of life and leaves it in the middle of nowhere to die.

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.