Article

Culture

Film & TV

24 January 2025

4 min read

Why we rewatch The Lord of The Rings each year

Great quotes, powerful themes, stir memories.

Steve Dew-Jones

Steve is news director of Article 18, a human rights organisation documenting Christian persecution in Iran.

New Line Cinema.

Every January for the past 15 years, my wife and I have re-watched The Lord of The Rings trilogy. Not the extended version, but, still, it’s a lot of hours to have committed to re-watching every year.

So, why do we do it?

Well, principally I suppose it’s simply because we believe the films to be excellent - arguably the best ever screen adaptation of a work of fiction - but I also think it's because the story has so much to teach us about real life.

After watching them so many times, I can now quote most of the script, yet I still struggle to pick my favourite bits; there are just too many.

From Samwise Gamgee’s speech about the greatest stories - those that “meant something” - being ones where “the chief characters had lots of chances of turning back, only they didn't. They kept going, because they were holding on to something … that there’s some good in this world, and it’s worth fighting for”.

To Gandalf’s encouragement to Peregrine Took, when the hobbit senses that he is about to meet his maker, of what follows after we die: that death is not the end, it’s “just another path; one that we all must take”, and how “the grey rain-curtain of this world rolls back, and all turns to silver and glass, and then you see it … white shores, and beyond, a far green country under a swift sunrise”.

“That's not so bad,” Pippin replies, and of course, he’s right.

Aside from the great quotes - and, trust me, there are many more I could mention - there’s also the way in which the breadth of human emotions and frailties are so perfectly depicted, such as our susceptibility to temptation, and how it can sometimes make us act in a manner that, as Frodo says of Boromir when he tries to rob him of the ring, is not like ourself.

It is also encouraging to see how both the powerful and the meek - Gandalf and Samwise - are equally prone to temptation’s pull.

The depth of friendships enjoyed by the hobbits is also a joy to behold, shining a light on that rarest gift of close friendship, while the films are kept mercifully free of anything smutty; on the contrary, they feel perfectly pure.

And there is even the compulsory happy ending, with good triumphing over evil and the dragons being thrown down by the eagles in an apocalyptic scene worthy of the Book of Revelation.

The author, J.R.R. Tolkien was a Catholic who served in both world wars, so it is hardly surprising that religious imagery can be found throughout, as well as glimpses into the ghastliest realities of war.

One of the religious themes is the power of the weak to shame the strong, with the little hobbits - described as “the most unlikely creature imaginable” to have discovered the ring after it abandoned Gollum - ultimately being hailed as the saviours of Middle Earth and told by the new King of Gondor that they need “bow to no-one”.

As Gandalf puts it, “even the smallest person can change the course of the future”.

Meanwhile, everyone - even the trees, wonderfully portrayed as walking, talking “Ents” - have a part to play, with Merry lambasting them for initially deciding not to fight by saying: “But you’re part of this world, aren’t you?”

As he says to his friend Pippin, should the fires of Isengard spread, “there won’t be any Shire” for them to return to.

But the moment that really gets me, every time I watch it, comes at the very end, when - *spoiler alert* - Frodo speaks of feeling unable to return to normal life after such a big adventure.

As someone who has had a few adventures of my own in the past - albeit none quite so fraught with danger - I can relate strongly to that sensation of coming home again and being overwhelmed by the feeling that nothing has changed, while at the same time believing that within myself, so much has.

I often think back to the time my dear parents picked my wife and I up from the airport, a decade ago now, after we’d just flown back from Alaska having hitchhiked there from Argentina, and they spent the car journey updating us on the lives of my cousins. Not that I didn't want to hear their news; only that, at that moment, it felt as though there might be something else worth discussing.

I think of that moment every time I watch the films’ denouement, and resonate with Frodo’s words when he says the Shire has been saved, but not for him; that some wounds from the past “run too deep” for the “threads of an old life” to be picked up again.

But beyond the fantastic quotes and all 'The Lord of the Rings' has to teach us about life, the three films are also all simply a fantastic watch, which, if you haven't already, I would urge you to make the time for, and if you have, I would encourage you to do so again, even if you don't do it every year.

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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.