Article
America
Character
Culture
Politics
5 min read

What would make America great again - humility

Hubris, Hope and Humility - and how they fit together in the court of King Donald

Graham is the Director of the Centre for Cultural Witness and a former Bishop of Kensington.

Elon Musk sits next to Donald Trump on a plan, while giving the thumbs up gesture with both hands.
Office of Speaker Mike Johnson, Public domain, via Wikimedia Commons.

Over the inauguration weekend, I was in Texas. Trump-Vance flags still fluttered in the cold wind, now more in triumph than soliciting votes. This was in the middle of the biggest winter storm to hit the southern coast of the USA in 65 years, where four inches of snow ground cities to a halt. The seemingly endless cycle of American TV news channels were caught between fascination with Storm Enzo, and the return of a political hurricane in Washington DC.  

President Trump’s first few days broke upon the world rather like a fresh storm. When a new government takes over, it is customary to sound a note of hope for the future, uniting the nation, cautious anticipation for a new dawn, pledging to try one’s best for the people and so on. Yet Trump’s speech was optimism on steroids. He announced the beginning of a ‘golden age’ for America. “From this day forward” he claimed, “our country will flourish and be respected again all over the world. We will be the envy of every nation, and we will not allow ourselves to be taken advantage of any longer.” 

Elon Musk went even further. This election, he said, was a “fork in the road of human civilisation.” As a result of the good Republican voters of the USA, “the future of civilisation was secured”, as he looked forward to a day when the stars and stripes would even be planted in the soil of the planet Mars.  

There is a fine line between hope and hubris. Many commentators have contrasted the gloomy outlook of Keir Starmer with the upbeat optimism of the Republicans in Washington. American always outdo us Brits when it comes to can-do optimism, yet this was something else.  

Hope lifts people’s spirits. It gives a sense of possibility and points to an unknown but bright future. St Paul asks “who hopes for what they can see?” Hope recognises that the future is not entirely in our hands, that events - and our own stubbornness and pig-headedness - can derail the best laid set of plans. It knows that the future is uncertain and yet, because of a simple trust that the world came from goodness and will end with goodness, believes that sometimes despite, rather than because of our efforts, the future is bright.  

Hubris, however, is when human confidence goes into overdrive. In the classical world, writers such as Hesiod and Aeschylus saw hubris as the dangerous moment when a mortal claimed to be equal to, or better than a god.  

Phaeton was a teenage boy racer, a son of the sun god Helios. He took hold of his dad’s chariot for a day, thought he could steer better than his aged parent, drove too fast, too close to the earth, burning it up and thus earning a trademark lightning bolt from Zeus for his pains. Arachne was a weaver who thought his cloth more beautiful than that of Athena, the goddess of all weavers. And of course, the most famous of all, Icarus, made himself a pair of wings, soared just a bit too high, melting the wax that held them together, plunging him into the sea like a burnt-out satellite falling, falling and then sinking into the dark blue depths of the vast ocean. A trip to Mars anyone?  

Yet without a dose of humility, the modesty that recognises not everything is in their control, that they will get things wrong, and need to admit it when they do, they will only generate antagonism and disharmony. 

There are, of course, parallels in Christian literature. The Tower of Babel is the story of a civilisation that thought it could build to the skies, to reach and rival God himself. God was not impressed and confused the speech of the uppity humans so they could no longer understand one another. King Herod - grandson of the one visited by the wise men at Christmas - dressed himself in finery, smiled smugly at the acclaim of the crowds that his was ‘the voice of a god and not a mortal.’ No sooner had he said this than ‘an angel of the Lord struck him down, he was eaten by worms and died.’ 

These are ancient stories of brash and overblown self-confidence, that a human could do what only the gods can. They recur in pretty well every human strand of wisdom. Hubris usually arises from an insecure desire to be better than anyone else, better even than the gods, or God. It is essentially competitive. If greed is the desire to be rich, then hubris is the desire to be richer than everyone else. It creates comparison, jealousy, and yes – envy - in fact, that is the point - to be the envy of everyone else. Of course, social media is full of it. It is hard to like hubristic people. They generate envy or resentment, or when they fall, a delicious dose of Schadenfreude. None of which are particularly good for us.  

The opposite of hubris is humility. The root word for humility is the same as humus, humour, humanity. It derives from that ancient biblical story of the human race being fashioned by God out of the dirt. It punctures holes in our self-importance, reminds us of our lowly origins. It is the precious ability to laugh at yourself. Humility is appropriate for us precisely because we are not gods, and woe betide us if we think we are. We are instead poised between the earth and the heavens, sharing in the divine image, capable of great things, maybe one day even reaching Mars. Yet we are also capable of great cruelty and harm, frail and liable to get things badly, sometimes catastrophically, wrong. Once we forget our dual nature, made to be like God, yet moulded out of the earth; with huge potential for creativity and yet with a tendency to over-reach, a flaw within that leaves us vulnerable to temptation, we are in danger of blundering ahead like bulls in the proverbial China Shop.  

And this is the danger that Trump and Musk are flirting with. I wish them well. I really do. Maybe they will make America great again. Maybe they will usher in an age of prosperity and order. Yet without a dose of humility, the modesty that recognises not everything is in their control, that they will get things wrong, and need to admit it when they do, they will only generate antagonism and disharmony. And they will probably do more harm than good.   

Fyodor Dostoyevsky once wrote “Loving humility is a terrible force: it is the strongest of all things, and there is nothing like it.” Humility ends up being stronger and achieves more than hubris. Jesus was said to be “gentle and humble in heart.” And he changed the world more than anyone else. Donald and Elon – watch and learn. 

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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.