Column
Culture
Football
Humility
Sport
4 min read

We're pretty useless really

We all fail. Not just Southgate, Biden and Sunak.

George is a visiting fellow at the London School of Economics and an Anglican priest.

A dejected looking football manager ponders his feet while standing beside a pitch.
Southgate contemplates.

The Book of Heroic Failures, published by Stephen Pile in 1979, records a story of the Welsh Dean of St Asaph, Daniel Price, in the late 17th century. Contemporary biographer John Aubrey noted that Price was a “mighty Pontificall proud man.” 

So proud that he declined to parade on foot outside his cathedral, but rather rode a mare in full vestments, reading from the Book of Common Prayer. Aubrey with precise economy describes what happened next: “A stallion happened to break loose, and smelled the mare, and ran and leapt her, and held the reverend dean all the time so hard in his embraces, that he could not get off till the horse had done his business.” 

Unsurprisingly, Aubrey records that the good Dean “would never ride in procession afterwards.” He had clearly learned a lesson in humility. And one that would not have been taught had his ride passed with pompous dignity. 

A question arises, pertinent for events today, as to whether we learn more from the indignity of failure than from the fruits of success. I’d like to suggest that we do, especially about the nature of our human condition. 

Humans are pretty useless really and our default position is error and falling short.

No one doubts that had England won the European Football Championship it would have been the crowning adornment to manager Gareth Southgate’s career. England failed to do that, though we failed less than any other team (Spain doesn’t count because they didn’t fail at all). Now that Southgate has resigned and has time to reflect at leisure, perhaps he will learn at least as much and possibly very much more about himself than if he had raised the trophy. 

US president Joe Biden would have had an altogether greater reckoning to face if he lost the election to Donald Trump than if he won it. Now he’s quit the race, arguably he has much more to learn from reflecting on his life and achievements. The Conservative Party has many lessons to learn about its 14 years in power from its abject defeat at the polls. Indeed, many parliamentary Tories believe that defeat was a requisite event for its reformation to proceed. 

None of this is to suggest that failure of itself is a virtue. Nor is it just a morality tale that enjoins us to meet triumph and disaster and “treat those two impostors just the same”. A failed marriage, or failing health, or moral failures of a wider variety, cause destructive pain and trauma. 

But it is to acknowledge that failure is part of the natural human condition. We’re in the territory of a flawed, fallen humanity here, one that theologians call postlapsarian, that is fallen from an ideal of perfection as dramatically portrayed in the Garden of Eden. Humans are pretty useless really and our default position is error and falling short. 

Loss of innocence, injustice and failure meet in unholy alliance at Golgotha.

This isn’t, or should not be, depressing. At least not for people of faith, because it reflects the nature of humanity. Failure, if you will, is a gift of God in a fallen creation. We learn more from our failures than our successes, which is either a biological determinism in evolution or a means through which we strive for a new perfection. There’s a version of that they may be reciting to the England football team right now. 

Christian faith sometimes concentrates too often on triumph over death and the idea of a heavenly kingdom where all is well, at the expense of recognising the reality of our world in which most things are very far indeed from well.  

We might recognise it in a congregational tendency to skip over Good Friday to Easter morning. If we do so, we neglect to notice what an abject failure the insurgent Jesus movement was on its short journey of break-up from Jerusalem to Calvary. It, literally, dies. 

Yes, we know what happens next. Or do we? The first witnesses to it certainly struggle to explain it in a manner that we might comprehend. But, in any event, loss of innocence, injustice and failure meet in unholy alliance at Golgotha. 

The theologian John Macquarrie asks what happens if we feel compelled to draw the bottom line under the cross: “Would that destroy the whole fabric of faith in Christ? I do not think so, for the two great distinctive Christian affirmations would remain untouched – God is love, and God is revealed in Jesus Christ. These two affirmations would stand even if there were no mysteries beyond Calvary.” 

No, our story doesn’t end there. But we can acknowledge that this is where we live in this world, at the foot of that cross. As the 17th-century French philosopher Blaise Pascal put it, the Christ “will be in agony until the end of the world.” 

Let’s not be too miserable, because we do have the “mysteries beyond Calvary”. And let’s celebrate our earthly successes. But let’s also learn to embrace our failures and receive them as a gift, from football to politics. 

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.