Article
Awe and wonder
Culture
Film & TV
5 min read

Why you need more cathedrals in your life

A TV tour of the ancient landmarks showcases their relevance to today.

Pat is vicar of St Peter’s Notting Hill and author of A Pocketful of Hope

A vicar stands arms in front of himself, behind him is a cathedral
Channel 5.

There’s a moment I love every time I drive down to visit my mum. It comes on the A30 heading south towards Salisbury. You come over a brow and round a bend and then there she is, the 123m tall spire of Salisbury Cathedral. Regal, majestic, aloof, dominant. So many words to describe this glorious building. And I remember remarking to my brother one time, who doesn’t share my Christian faith, as he sat in the passenger seat, how amazing it is that without saying a word, the architecture itself bears witness to the reality of another world, another Kingdom. Proclaiming a message to that city. A lighthouse of sorts, continually pointing people to God as they sail on rough and secular seas. 

For me personally, it was a real joy to get to visit six of our most stunning Cathedrals for a two-part series I presented for Channel 5 called, Britain’s Great Cathedrals – To the Glory of God. It comes at a critical moment as cathedrals now face potential financial ruin due to the Government’s recent decisions concerning National Insurance and the Listed Places of Worship scheme. Thrilling I hear you say, but before you scroll on by, suffice it to say that these developments could see the closure of many of our nation’s most magnificent landmarks! This would be a disaster, not just for the soul of the church, but also for the soul of the country. I want to suggest three reasons for that being the case, which are their unrivalled ability to inspire (pardon the pun), inform and include. 

The truth is, whether you’re a person of faith or none whatsoever, you can’t help but be inspired when you see or enter one of these buildings. Whether it’s the glorious facade of Lincoln, the expansive nave of Canterbury, or the sheer strength and grandeur of Durham, these edifices were built to amaze and generate awe. Why else would I say ‘wow’ almost 900 times in just two episodes?! Take it from me, you run out of adjectives pretty quickly. But that’s precisely the point. They were built to lift the mind and soul from the drudgery of what was all too often a pretty grim existence and place their thoughts firmly on higher things. Whether they make it all the way to Heaven itself, or go no further than a vaulted ceiling, the primary mission to inspire is achieved. Would I rather someone is impacted more by the Spirit behind the stone, or the grace behind the glass, of course I would. But would I take the needle of someone’s thoughts and worldview being moved even a fraction, as they perhaps ponder, ‘what moved these people to build this? What did a society and culture believe to prioritise and shape such real estate?’, then yes, I’d take that in a heartbeat. There’s nothing in all of Britain to rival our cathedrals to inspire. 

But it’s not just that. It’s the simple truth that so much of our heritage and history is tied up in these monuments of stone and glass. Artistry developed, architectural techniques advanced, and our cathedrals were undeniably and unavoidably central to the life of the nation. As such, their ability and value to inform a people about who they are and where they come from is unmatched. People might not like it. They may even push against it. But for good or ill, it’s what made us who we are. And look a little closer, and you quickly discover that most of the values that we so embrace and espouse today herald directly from the faith proclaimed in and by these architectural marvels. Secularism has done its best to sever such values from their source, but as the historian Tom Holland has demonstrated, seeking to do so is about as logical as trying to claim that the apples on the branch of a tree have nothing to do with its roots. The facts simply don’t bear it out. And what greater facts can a city proclaim than its skyline, so often dominated by ecclesial geometry. Our cathedrals are filled with the history not just of people, but the ideas that moved them and shaped Western Civilisation. Long may they continue to inform. 

One of the biggest building projects we read of in the Old Testament is Noah’s building of the ark. A behemoth of a boat, big enough to house and include all. And it’s that final idea of inclusion that perhaps speaks most powerfully today. We hear it used a lot, but all too often it’s become a synonym for an approach that has no shape, no constitution or actual covenant of belonging. What draws me to the faith behind these edifices is precisely that even as the invitation goes out into all the earth, just as Noah’s did to all creation, we only enter on God’s terms. He’s the One who calls us in and gets to name and define us all. Whilst this may at first sound narrow, it is in fact the way to liberation. Joined by common bonds and values, held together by the One to whom these buildings point. The sheer vastness of cathedrals conveys there’s room indeed for all, just as the ark had space for its guests as it made its way to a new world. The invitation of our cathedrals, both in form and opening hours, goes out into all the world declaring, ‘Come! Whoever is thirsty, let them come; and whoever wishes, let them take the free gift of the water of life.’ For the message in stone for even hearts of stone is that in Christ, all can be included.  

 

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Article
Culture
Economics
Ethics
1 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.