Article
America
Conspiracy theory
Culture
Politics
5 min read

Will America succumb to the undertow?

A returning expat asks if an exhausted majority is, in fact, asleep.

Jared holds a Theological Ethics PhD from the University of Aberdeen. His research focuses conspiracy theory, politics, and evangelicalism.

A sleeping voter sits and snoozes next to voting booth.
'Which One?'
Nick Jones/Norman Rockwell/Midjourney.ai.

Dietrich Bonhoeffer famously made a decision to return to Germany before the outbreak of the Second World War. The year was 1938, and he was visiting America for a second time. Instead of taking a theology teaching position in New York that would’ve kept him above the fray of a deteriorating social world in Germany, Bonhoeffer’s sense of spiritual responsibility drove him to solidarity with the German situation.  

I’ve thought about Bonhoeffer a lot these last few months as our family is making a transition back to the States during an election year. Not because I’d ever directly compare our move with Bonhoeffer’s. But because I’m anticipating the “shock” of returning to a deteriorating social world. Unlike him, our decision to return is far more modest and expedient. Still, we’re often asked by our friends here in Scotland, “why go back?” 

My immediate answer is straightforward and entirely different than Bonhoeffer: we did what we came here to do. Our visas are up; I’m defending my PhD this month. But behind these questions of expediency, I do feel the weight of an existential question, one directed towards myself as much as it is towards America. 

And that question is “who is going back?” Because after three years, America has changed to us as we’ve changed ourselves.  

The persecution confronting white Christians in America is the soft persecution of opulence diffused in the ordinary.

With that change comes new choices and new questions that didn’t confront us years ago. Returning to America has us asking questions like, how do you talk to your school-aged kids about active shooter drills in their new school? How will we navigate the racialized social scripts that pervade not just American communities, but also American churches? How will we re-enter a job market that ties production to basic health care? 

We’re bracing for the shock of going back to America. It will be more difficult than leaving ever was. Not just because we’ve changed, but also that the American situation has grown more extreme while paradoxically denying that change.  

We’ve discovered that if American Christians are persecuted at all, it’s not from President Biden’s “corrupt regime” seeking to jail Trump or secure power through another “rigged election.” No, the persecution confronting white Christians in America is the soft persecution of opulence diffused in the ordinary. 

As an expat returning to America, I wonder if this exhausted majority is, in fact, asleep. 

Perspective changes everything. The outsider’s view of America careening towards a crisis of democracy and a social fabric rent at the seams isn’t felt as much by those who live within its social world, whose experience of the mundane obscures the poly-crisis pressing our social fabric at the seams. How did we get here? 

Researchers discovered an interesting demographic cohort in American life, you might have heard of it. It’s called the “exhausted majority.” It refers to an ideological diverse cohort at the center of American life that has all but disengaged politically. Researchers began to talk about this “exhausted majority” in 2018, before the pandemic, before a less-than-peaceful transfer of democratic power. The hope was, then, that this “exhausted majority” might be mobilized to fend off polarization and extremism. As an expat returning to America, I wonder if this exhausted majority is, in fact, asleep. 

What has become of this exhausted majority? In the wake of 2020, America underwent significant backlash and retrenchment. This affected churches, too. Friends who are pastors tell me churches in their communities have “re-sorted” along partisan lines. One pastor suggested the election might not divide churches this time, as much as partisan-determined churches might contribute to social division. Polarization has worked its way from the outer edges of American life to the very center. It does this work silently, mediated by our reliance on algorithms, a life conformed to and captured by digital architecture. 

There’s an element of surprise here, at least for us as we return. Because what we experienced as the collapse of our social world in white evangelicalism—a world that we no longer are at home in— I’ve found is still very much active, very much automated—like survival reflexes—still providing an artificial coherence and plausible deniability amidst a deteriorating social situation. 

This retrenchment and backlash creates a dangerous condition: an undertow. For so many, life goes on as normal on the surface, while democratic institutions are pulled apart beneath. America is caught in a rip current, but asleep on the surface. This undertow partly explains, at least to me, why all the talk of “the crisis of democracy” doesn’t register with many Americans.  

A recent survey found that more than half of Americans haven’t heard the term “Christian Nationalism”—in spite of a flurry of academic and popular discourses on the term, often at the center of “crisis of democracy” rhetoric. 

The fact is, Rome wasn’t built in a day, and it didn’t fall in a day, either. The Senate handing over power to Caesar one day didn’t do much to alter the mundane early morning routine of bread makers in Rome the next day. Tyranny dawns, but the ordinary continues. The routine of the mundane and ordinary, of bread and circuses, makes talk of a democratic collapse seem just another political game, a distraction from all the amusement that Neil Postman observed might be our death. 

As we return to America, reflecting on who we’ve become and the responsibility of faith, I’ve found myself considering the difference between being fated and being holy.  

Fate confronts us as necessity. The holy confronts us as something other. And this “other”—at least for Bonhoeffer—was the freedom of God. And I can think of no better prayer for the church in America in the coming years to maintain in ourselves the crucial distinction between fatedness and holiness. To not confuse the expediency of partisan games with the responsibility made visible in the light of the central claim of Christian faith in the body of Jesus Christ. The Crucified One, not the fate of Western Civilization, determines what it is to be the ekklesia, the “called out” community, both free and responsible, never fated. 

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.