Article
Culture
Psychology
Weirdness
5 min read

Why smell jumps the queue when it comes to memories

Smells hardwire deep into the brain, writes Henna Cundill, as she explores why they jump-start such vivid memories.
An autumnal scene of a church yard and church framed by leafless trees.
'The smell of dust and damp stone will always cry “safety!”'
Jakub Pabis on Unsplash.

When I was a 22-year-old undergraduate my mother died quite suddenly. I can't remember the name of the undertakers we used, nor the chaplain who took her funeral. I can no longer visualise what any of their faces looked like. I know I visited the chaplain’s house to plan the funeral, but I can't remember exactly where that house was. What sticks is that the day of the funeral was a sultry summer's day, and both the chaplain and the undertakers smelt of perspiration. To this day there are moments where I catch that same whiff of man-sweat in some other location, and for a fleeting second, I am a bewildered 22-year-old once more. 

Here is another memory. I attended a tiny, rural Church of England primary school in the middle of England. At the end of each school year, all of us donned our little Wellington boots, which smelt faintly of slurry (since this was dairy-farming country) and sweaty feet. Then we lined up in a crocodile and trudged through the bluebell-wood (damp leaves) and skirted the edge of fields (silage, which stings the nose) covering the mile or so between our school building and the village church. 

We would enter the church grounds through the back field, hurrying through an eerily muffled graveyard with tombstones towering far above our heads and the grass disturbingly lumpy beneath our little feet. To the chidings of “Quickly!” and “Quietly!” we children scurried down a gravel path, away from this unsettling place of death, to reach the cool sanctuary of a little church, and the comforting smells (for me, at least) of damp stone and dusty hymnbooks. 

Others may not have the same associations, but for me the smell of dust and damp stone will always cry “safety!” and the reassurance that “there are no ghosts in here!” in contrast to that troubling graveyard. From death to life. Yet, at the same time, getting stuck with my nose close to some man’s whiffy armpit on the Tube will forever insinuate that I am just a child pretending to be a grown-up, out of my depth, overwhelmed with one thousand decisions to make (“What flowers do you want for her coffin?”) and no-one to advise. In the midst of life, death again.  

On reflection I will know that my emotions are being manipulated by my nose, in ways which are more or less than helpful depending on the circumstances.

Of course, I am not 22 years old and lost anymore, no matter what that man’s armpit tries to tell me. My rational mind knows better, but my rational mind doesn’t get a say – or doesn’t get the first say anyway. This is because smell is the only one of our senses that bypasses the thalamus (the brain’s ‘filtering gate’ that decides which part of the brain needs to respond to sensory input) and goes straight to the limbic system, where emotional memory is stored.  

Sometimes it is very obvious that this is taking place, such as in the examples given above. On reflection I will know that my emotions are being manipulated by my nose, in ways which are more or less than helpful depending on the circumstances. But it can happen in more subtle ways too. Supermarkets infamously pump out smells to influence our buying choices, and we’re trying to sell our house right now, so we’ve been brewing a whole lot more coffee than we ever usually would.   

Intriguingly, scientists don’t really know why the human sense of smell jumps the queue when it comes to cognitive processing. There are biological theories, such as that the smell of predator could wake up our ancestors while they were sleeping and/or could allow them to follow a scent trail quickly when fleeing danger or seeking food. There are social theories too, such as that we don’t have a lot of good words to describe smells, so the brain just doesn’t bother trying to analyse them. Whatever the truth of the matter, the reality is that (whether we like it or not) our noses are an emotional trip-hazard.  

When I walk through those great oak doors there is a moment, a glitch in the matrix, when the unmistakable smell of church hits my nose. Dust, damp… a little hint of mouse. 

I can’t help wondering what this tells me about my religious practice. Do I go to church because I have made a cognitive decision to worship God each Sunday? Or do I go to church because I am following my nose, getting away from a world full of armpits and responsibilities to a place where I am a seven-year-old girl, all gingham dress and wellies, feeling safe. If so, does it matter?    

Truth is, my mind can give me a dozen reasons not to go to church every single week. In fact, two dozen reasons. More. It has always been a busy week; I’m always behind on work. The house always needs a sort out and the car is never washed. But because certain congregation members are normally counting on me for certain things, and because I’m still pretending to be a grown up, I typically drag myself out the door, and off to church I go.  

And week on week, without fail, when I walk through those great oak doors there is a moment, a glitch in the matrix, when the unmistakable smell of church hits my nose. Dust, damp… a little hint of mouse. My body registers this before my mind; my shoulders drop a little of their tension. Even if it’s just for a fleeting moment, I start to feel that I know for sure what is absolutely real in my life and what is just pretend.  

Is this knowledge irrational – since it doesn’t come from the cognitive part of my mind? Or is there a God who knows that the cognitive part of my mind sometimes tells me all sorts of untrue and unhelpful things. Is there a God who is choosing to reach out to me in more subtle, more ancient ways?  

I can only wonder if I have been following my nose all this time, without even noticing. Drawn along by an ancient scent trail that leads me time and time again…this way…and that way…until I reach a place where there is safety, and bread. 

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.