Explainer

Culture

Royalty

26 April 2023

4 min read

Why we make kings

As the new King's coronation approaches, Ian Bradley explores the deep roots of kingship as an answer to anarchy and disorder.

Ian Bradley

Ian Bradley is Emeritus Professor of Cultural and Spiritual History at the University of St Andrews.

A medieval illustration of King David being anointed by Samuel

Samuel anoints David king. An early 14th century illumination from the Vaux Psalter.

Lambeth Palace Library.

At the most solemn moment of King Charles III’s coronation on 6 May, the Westminster Abbey choir will sing Handel’s thrilling setting of words from the first chapter of the first Book of Kings:

Zadok the priest and Nathan the prophet anointed Solomon king.

It provides a reminder that the anointing of the monarch with holy oil is carried out in direct imitation of a practice described in the Bible in connection with the inauguration of the kings of ancient Israel.

This is not the only link which the coronation will make with stories found in the Bible. Legend has it that the Stone of Destiny, on which Charles will be seated when he is crowned, started life as the pillow on which Jacob slept when he had a dream of the ladder leading up to heaven as described in Genesis. Jacob set the stone up as a pillar to commemorate the place where God had talked to him. Later stories identify it as the pillar beside which Abimelech was crowned king of Israel and King Josiah made his covenant with the Lord to keep his commandments and statutes.

The theme of monarchy looms large in the collection of books making up the Hebrew Bible which tells of God’s dealing with the chosen people of Israel and forms the Christian Old Testament. The word ‘king’ occurs 565 times and ‘kingdom’ 163 times. Six of the so-called historical books have the monarchy as their main subject matter, including the aptly named first and second books of Kings. The life of one particular king, David, occupies more space than that of any other figure, including the great patriarchs, Abraham and Moses.

By popular request

Kingship is presented in the early books of the Old Testament as both the popularly requested and the divinely appointed answer to the anarchy and disorder prevailing under the judges who ruled the people of Israel for the first two hundred and fifty years or so after their arrival in the promised land of Canaan around 1250 BCE. The Book of Judges emphasizes the corruption and lawlessness under this form of government, noting: ‘In those days there was no king in Israel: everyone did what was right in his eyes.’

The inauguration of the Israelite monarchy, which took place around 1020 BCE, is described in the Book of Samuel. A crucial role is played by Samuel, the last of the great judges who becomes the first king-maker and presides over the coronations of both Saul and David, the first two Israelite kings. Samuel is portrayed as prophet, seer and intermediary between Yahweh/God and the people, to whom the elders of Israel come asking for ‘a king to govern us like all the nations’. Samuel puts this request to Yahweh who is initially reluctant to accede to it and tells him to spell out to the people the dangers of kingship in terms of the accretion of private wealth and military might. These warnings are ignored, however, and the people continue to insist that they must have a king ‘to govern us and go out before us and fight our battles’. When Samuel reports this to God, he is told, ‘Hearken to their voice and make them a king’.

On king making

If there is a certain initial unease in God’s mind about the desirability of kingship, the institution is subsequently given divine blessing, with the king been seen as God’s chosen one – Messiah in Hebrew, or Christos in Greek. There is a sense of partnership between Yahweh and the chosen people of Israel in the making of kings. The emphasis is on a three way covenant between God, king and people. This concept of covenant is one of the most distinctive and central features of Israelite kingship, as is the idea that the monarch mediates and represents divine rule and stands for justice, fairness and truth.

During and after the long period of exile that followed the ‘Babylonian captivity’ of Israel in 597 BCE, Jews increasingly pinned their hopes on the future coming of a new Messiah, a king from the house of David, raised up by God to deliver Jerusalem from where he would reign, restoring and re-uniting Israel and bringing about a new world order of justice and righteousness, as looked forward to and promised in the Psalms and the writings of the prophets.

The theme of kingship, so fully explored in the Old Testament, continues to figure prominently in the New Testament, although its central focus is on the kingdom of God, inaugurated and proclaimed by Jesus, with its dethroning of the rich and powerful and exaltation of the humble and meek. All four of the Gospel writers use royal titles and monarchical allusions in their descriptions of Jesus. He is identified as the anointed king, the Messiah or Christos, leading his followers to be known as Christians. From his birth in Bethlehem in the house and family of King David, and his baptism where he is identified by God as his beloved Son, to his trial and crucifixion for being ‘King of the Jews’, the royal theme runs as a clear thread through his life and death.

Jesus himself redefines the concept of kingship. This is signalled most dramatically by his choice of a donkey on which to make his entry into Jerusalem on the first Palm Sunday. He deliberately opts for an animal associated with humility, humiliation even, rather than a proud charger or stallion more fitting for a king on a triumphal progress. In washing his disciples’ feet on the first Maundy Thursday, he further shows that he is, in Graham Kendrick’s memorable words The Servant King displaying meekness as well as majesty. When Pontius Pilate repeatedly asks him whether he is indeed the King of the Jews, he gives the cryptic answer 'You have said so'. Jesus never repudiates the idea of kingship but gives it a wholly new meaning of humble servanthood which has been the inspiration for Christian monarchy ever since.

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.