Article

Culture

Digital

20 March 2023

4 min read

What's good – and bad – about cancel culture?

An ancient story of compassion inspires an ethical response to social censure.

Erin Crider

Erin studies and explains modern churches. She is an Adjunct Professor of Biblical Studies at Gordon-Conwell Theological Seminary.

Torn fly posters layered under graffiti on a wall.

Ripped-off posters and graffiti.

Jazmin Quaynor, via Unsplash.

You cannot ignore cancel culture today. In her 2022 BBC Reith Lecture, the writer Chiamanda Ngoni Adichie called it “social censure”. Even beyond universities and other public forums, many of us worry about the effects of cancel culture in everyday social settings. Saying the wrong thing, or trying to respond well when someone else does, can quickly lead to awkward family gatherings, strained meetings, and broken friendships, or awaken the ever-present social media trolls. In a post-pandemic moment, when people are already struggling to re-establish healthy human interactions, cancel culture can make social engagement seem even more challenging. How can we navigate this moment well?

Behind the fraught discussions and growing angst around cancel culture, we can perhaps detect something well worth preserving: compassion. Some of the most heated controversies today involve language concerning people who have been historically disadvantaged. Genuine compassion motivates many who want society to speak more kindly, with more understanding, in order to avoid perpetuating harm to people who have already suffered. People who have been hurt deserve to be acknowledged, and that means taking their pain seriously. This compassion is an important and noble instinct. Many faith traditions call us to honor the vulnerable and pursue justice.

'Silence out of fear of ending a relationship itself ends the relationship.'

At the same time, resistance to cancel culture also includes an element of compassion. Within the voices expressing concern about cancel culture can often be heard a humble awareness that we all are prone to say the wrong thing at times. We cannot hope to learn or grow without honest risk and mutual, human grace. A brief period of silence to let emotions cool can be helpful; ending a relationship permanently seems less helpful. It might seem easier to say nothing than to risk offence, but silence out of fear of ending a relationship itself ends the relationship. Seeking to continue a difficult but important conversation can also be an important and noble instinct. Many faith traditions also encourage humble self-assessment and generous engagement with others. As the Bible records Jesus saying, “Let the one among you who is without sin cast the first stone.” None of us is wholly above reproach, and we all need a bit of compassionate grace.

So how do we balance these conflicting calls of justice and grace?

This conflict might seem peculiarly modern, but in the story we re-tell every Christmas, we see a young man named Joseph wondering how to balance justice with gracious concern for someone who had deeply disappointed him. Joseph is engaged to Mary, but she has been found to be pregnant. Joseph is sure the baby isn’t his. In their culture, a woman who was pregnant outside of marriage brought shame to her fiancé, her family, and the whole community. Matthew’s gospel tells us that Joseph was “a righteous man,” which means that he appreciated the demands of justice. Ignoring her situation meant ignoring the pain they all felt, papering over a grave offense which they wanted no part of. At the same time, though, the text also tells us that Joseph was “unwilling to put her to shame.” Like many people today, Joseph wanted to leave Mary some way to move forward with her life, but their culture did not provide people much opportunity to learn from tragic mistakes. Sometimes, it can feel as if ours doesn’t, either. If you’re familiar with the story, you already know how it ends, but it’s important not to skip too quickly past Joseph’s dilemma. It feels strangely modern, Joseph’s desire for justice coupled with his equally strong desire not to see someone condemned because of a single mistake.

'Courageous compassion creates much needed opportunities to heal, learn, and grow.'

Thankfully, the story also describes a way forward from Joseph’s dilemma: the baby in Mary’s womb, Jesus. In Jesus, we see the depth of God’s compassion for all who suffer. Jesus never ignored the painful consequences evil can create. Indeed, he allowed himself to experience the absolute worst of humanity. As an adult, Jesus was thrown out of his home village and religious community. According to the gospels, he endured one of the most unjust trials ever recorded. Jesus was tortured, beaten, and sentenced to a cruel death. When we suffer injustice, we are not experiencing something alien to Jesus, and therefore, alien to God.

But there is another side to Jesus’ suffering that is equally important: Jesus also demonstrates profound compassion for people have made terrible mistakes. Jesus never mis-stepped or said a single cruel word, but he allowed himself to experience the full shame and isolation of being cast out of society. Crucifixion was the ultimate censure, being publicly put to death outside of the walls of the city. Yet even in this moment, Jesus demonstrated compassion for people who had harmed him. While on the cross, he forgave those who put him there. Jesus offered forgiveness to the man dying on the next cross to his own, who by his own admission deserved his fate. In contrast to aspects of cancel culture, Jesus’ actions at that moment of extreme injustice tell us that human redemption is always possible. Jesus created a compassionate way forward from guilt and shame. Whatever our situation, we can find life-giving grace and healing in Christ.

Compassion isn’t easy. It cost Jesus dearly, and at times it will cost us, too. Courageous compassion creates much needed opportunities to heal, learn, and grow. When we suffer and when we err, cruelty and failure do not get the last word. As it says in the last few pages of the Bible, Jesus is making all things new. Cancel culture ends conversations and damages relationships, but a better balance between the righteous demands of justice and the need for redemptive grace remains possible.

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 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.