Review
Books
Culture
Friendship
6 min read

Why do we ignore the power of friendship

Elizabeth Day’s Friendaholic: Confessions of a Friendship Addict.

Belle is the staff writer at Seen & Unseen and co-host of its Re-enchanting podcast.

A large group of friends sit at a crowded table and share a meal together.
Photo by Priscilla Du Preez on Unsplash.

Elizabeth Day is a journalist, a novelist, a podcast host, a broadcaster, and a friendaholic. This isn’t a term that she uses lightly, she’s not merely delighting in some quaint wordplay here. Rather, Elizabeth has identified within herself a chronic compulsion, a psychological need, a habitual seeking out, and an emotional reliance on friendship (or, at least, what she perceived friendship to be – more on that later…) 

Therefore, when she labels herself a friendship addict, she does so with every ounce of seriousness. She also describes the symptoms of her addiction with impressive levels of introspection.  

‘I would get a buzz from a moment of exchange; a hit of pure friendship adrenaline. In that moment, I would feel worthwhile and liked and accepted. I wanted more of it. Then I needed more of it. Then it became something that I relied on for my own self-worth. I must be OK, the reasoning went, I’ve got so many friends.’  

These intimate confessions lead Elizabeth to begin the epilogue of her book with a familiar, albeit reconfigured, turn of phrase: ‘My name is Elizabeth Day’ she writes, ‘and I’m a recovering friendaholic.’  

The quality of our social life, whether it be too large or too small, has a significant impact on our mental, emotional and physical health. 

Elizabeth pre-empts any criticism of what could be perceived as a ‘woe-is-me’ memoir by meeting those who may be reaching for their ‘metaphorical tiny violins’ head on. This book unashamedly takes the impact of friendship, or a lack thereof, very seriously. And so should we. Afterall, social injuries are proven to be very real and loneliness a serious determinant of health. On the opposite end of the same scale, ‘social burnouts’, which often lead to social anxiety, are becoming an epidemic, while an increasing number of mental health issues are being accredited to the profound impact of ‘toxic’ friendships. In short, it is becoming common knowledge among researchers that the quality of our social life, whether it be too large or too small, has a significant impact on our mental, emotional and physical health.  

And yet, despite this - we have barely any language with which to adequately address or inspect the topic of a ‘social life’. It seems that generation after generation, we have failed to take the art of friendship seriously. 

‘Friendship is unnecessary, like philosophy, like art.... It has no survival value.’ 

C.S. Lewis

Considering the psychology, this seems non-sensical. Why would this be?  

It could be a symptom of individualism; the emphasis that our Western society places on individual success, personal goal setting and the virtue of independence. Maybe it has more to do with our inclination toward all things productive, and, to (partly) quote C.S Lewis, ‘friendship is unnecessary, like philosophy, like art.... It has no survival value’. The other explanation could be our pre-occupation with romantic relationships, and the habit we have of idolising them over and above all other social attachments. In her book, Notes on Love, Lauren Windle powerfully reflects on this, she writes  

‘maybe it’s time to stop looking for a partner who is also my ‘best friend’ and start appreciating my best friends. Maybe it’s time to stop feeling bereft of true love and realise that I already experience it. Every day.’   

Whatever the reason(s) may be, we have neglected to take seriously the science of the social life, and the results of such an oversight are encapsulated in Elizabeth Day’s self-diagnosed ‘friendship addiction’, and the book that has documented it.

Elizabeth places her personal life on the altar in this book, she sacrifices the privacy of her emotional life. 

Elizabeth talks us through her most formative of friendships - the long-standing and the fleeting, the nourishing and the draining, the durable and the fragile – this book is an ode to them all. She introduces us to her ghosts of friendship past and present (although, once they read of their appearance in this strikingly honest book, I do worry that a couple of her friends may slip from the latter into the former category), and does so in a way that makes you, as the reader, instinctively close the book for a moment and indulge the continual urge to reflect on the mosaic of people who have entered and exited your own life.  

Elizabeth places her personal life on the altar in this book, she sacrifices the privacy of her emotional life for the purpose of speaking with powerful candour. She tells the intimate stories of how her addiction came to be, and how she has sought to feed her need for a thriving social life at her own expense. Elizabeth has offered herself up as a case-study of what inevitably happens when we don’t have the tools, the maps, or even the language with which to engage with the subject of friendship. As it turns out, friendship – the real kind – was not what she was addicted to, nor was it what she was accumulating. Rather, it was approval. It was the self-worth that she drew from the affirmation of others. If we, as a society, ensured that we were more socially-literate, perhaps Elizabeth could have identified the difference much sooner. Perhaps we all could.    

As well as telling her own stories, Elizabeth weaves together insights from psychology, philosophy, history, and the experiences of others in differing contexts. This ensures that as many people as possible are able to find themselves in the pages of this book. And, as a result, I found Friendaholic to be the book that I didn’t know I had been missing.  

It’s funny. It’s emotive. It’s generous. It’s honest. And it’s refreshingly serious about friendship. I recommend it heartily.  

 

Nobody is totally immune to cultural individualism, the idol of productivity, nor the heroizing of romantic love. 

There’s just one thing that felt missing, one insight that I instinctively began to fill any gaps with. I found myself willing Elizabeth to take a biblical route (totally unfairly, I should add, as she doesn’t identify as a Christian, nor does she claim this to be a book of any religious inclination).  

I wanted her to explore the Bible, because in it, she would find an abundance of evidence for almost every point she felt compelled to make. Friendship soaks the pages of the Christian Bible.  

Friendaholic quotes Jesus in its very first chapter, making reference to his declaration that ‘greater love has no one than this, that someone lay his life down for his friends’, but then never picks this astonishing claim, nor the history-altering man that it came from, up again (once again- this is no criticism, if it were, it would be a mightily unfair one). The platonic love that Elizabeth takes so seriously, and that our culture doesn’t take nearly seriously enough, is claimed to be the ‘greater’ love by Jesus, who subsequently kick-started a movement which was defined by this kind of love. Friendship was weaved into the earliest expressions of what we now call Christianity/the church. Jesus’ words were, and still are, lived out with astonishing impact.   

This is not to say that Christians always perceive or do friendship perfectly. On the contrary, nobody is totally immune to cultural individualism, the idol of productivity, nor the heroizing of romantic love. Indeed, the afore mentioned quote by Lauren Windle has been taken from a book where she tells the story of ‘being single in a marriage obsessed church’.  

It’s for this reason that I so enjoyed Elizabeth’s offering. Friendaholic felt like a literary dusting brush, brushing aside generations worth of dirt from a long-neglected jewel; the jewel being real, true, and deep friendship. The kind of friendship that is as integral to our health as food and shelter, the kind that was included in the original blueprint for human flourishing, the kind that is both dramatically underrated, and yet greater than all other human loves.  

You can take it from an ancient book, or Elizabeth Day’s brand new one – as it turns out, they will tell you the exact same thing.  

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.