Explainer

Belief

Culture

22 August 2024

7 min read

The questions that nobody can escape

Seeking answers about beginning, meaning, and of the end, explain why religion refuses to disappear.

Silvianne and Barnabas Aspray

Silvianne and Barnabas are theologians.

An arm and hand stretch out in front of some, a narrow street is the background.

Andrik Langfield on Unsplash.

In the twentieth century many people thought that religion was on the way out. As the political scientist Francis Fukuyama put it, it was broadly assumed that “religion would disappear and be replaced solely by secular, scientiﬁc rationalism.” But few people now believe this anymore. Fukuyama himself has changed his mind and says that the disappearance of religion “is not going to happen.” But why is religion refusing to disappear?

A core reason for the persistence of faith is that there are questions that everyone asks at one point or another that lead in the direction of religion. Religion, or faith, addresses questions that nobody can escape: Why is there something rather than nothing? Where does it all come from? Is there meaning to this life? And what happens after death? Faith traditions are experts in such ultimate questions. Consider the following examples.

These questions of beginning, of meaning, and of the end, are the questions that religion deals with.

When people experience the beginning of life, they are often caught up in wonder. How can it be that a whole new person is growing inside a woman? Even Friedrich Nietzsche, the great critic of Christianity, who famously declared that “God was dead”, also wrote, “Is there a more sacred state than pregnancy?” There is something deeply moving around the beginning of life. Many who become parents, or in some way experience the beginning of life, are led to wonder: isn’t something more than just biology happening here, something deeper? A new life, a whole new person – and our love for that new person – where does all of that come from?

Another group of questions that most people will face at some point in their lives revolves around meaning. What’s the point of growing up, a teenager might ask? What’s the point of my work, we may ask later on. Especially when we face frustrations, failures, challenges we might wonder what difference we are making to the world. Would anyone miss me if I was not here? Will anyone remember me if I die?

Finally, we all at some point come in contact with death. Even if we are spared the pain of friends dying young, it is the natural course of the world that our grandparents and our parents will one day die. What do we do in the face of such loss? It is hard not to ask: Where is my loved one now? And is there hope of seeing them again one day?

These are the kinds of questions that nobody can entirely avoid in their lives: they never fail to arise and press themselves upon our consciousness. Yet these questions of beginning, of meaning, and of the end, are precisely the questions that religion deals with. And here lies one important answer to why faith won’t just go away: Because scientific rationalism cannot really address them.

Faith offers a space in which people can ponder the ultimate questions and find other people who want to do it with them.

To be sure, secular scientific rationalism does offer some answers as to how life begins – we know the biology of it all astonishingly well. And yet, biology is not everything, and in fact, it is not the biological aspects of it all that touch us. The wonder, the hope, the love that we experience when we are faced with the beginning of life is more than what can be rationally or scientifically accounted for.

Similarly, scientific rationalism is not well equipped to answer questions of meaning. Science is great at answering how something works or how it should be done, but why-questions fall into a different category. Many chatbots, when asked about the meaning of life, will answer “42” - which is a reference to the comic sci-fi series “the Hitchhiker’s Guide to the Galaxy” and we intuitively understand that this answer is nonsensical. It is funny precisely because it is nonsensical.

And again, around the end of life: Scientific rationalism cannot and will not, based on its methods and approaches, say anything about the afterlife.

So, the questions of beginning, meaning and end cannot be answered solely by scientific rationalism. And yet they come up in all of our lives. Right here lies an important reason why faith has not gone away. Faith deals with just these questions. It is good at dealing with them – they are the core domain of faith.

Faith offers answers to questions of beginning, meaning and end, but just as importantly, it offers a community in which such questions can be addressed and discussed. It offers a space in which people can ponder the ultimate questions and find other people who want to do it with them, perhaps showing them ways in which they can find answers. Different faiths and different expressions of faiths do this very differently: organised religions do it differently to loose association of the “spiritual but not religious”, but in all cases, it is faith – broadly understood – that addresses and deals with the questions that niggle away and are not otherwise addressed. Faith won’t disappear, because faith’s questions won’t disappear.

But why does this need saying? Is it not obvious that religion is about ultimate questions that concern everyone?

The problem is that modern Western life is full of opportunities to distract us from these questions. We are wealthy, comfortable, bombarded with entertainment, and often very busy with careers and children as well. All these things help us to repress the deeper questions about the origin and purpose of our existence.

Many people treat the question of life’s meaning like a school or University essay that they can procrastinate from indefinitely: “One day I’d like to figure it out: what it’s all for and where it’s all going: but today there’s another episode on Netflix, Instagram to browse, or tennis on the TV.” The entertainment industry offers alluring enticements to money, sex, fame or success. Wealth is particularly useful because it helps us get what we want, when we want it, and prevents us from facing the harsher realities of life. Making ourselves busy is easy, and we can leave ourselves no time for deep reflection on the bigger questions. All of this adds up to what we might call the “narcotic of everyday life” – the ways in which daily life and society act as a drug to cloud our vision, confuse our thinking, and prevent us from clearly facing up to the things in life that matter most.

The “narcotic of everyday life” – the ways in which daily life and society act as a drug to cloud our vision, confuse our thinking, and prevent us from clearly facing up to the things in life that matter most.

But the problem is that even ordinary everyday life is lived according to (at least provisional) answers to those big questions. Every daily decision we make displays our values, what we think matters. If we work late instead of coming home to play with the children – if we fly to New Zealand for a vacation, or buy beef, massively increasing our carbon footprint and contributing to climate change – we are making choices that have an impact on the planet. All our choices are based on values which reveal our beliefs about what makes life worth living and what we want out of life. You cannot be an agnostic. Your life displays belief in one thing or another. Consider one stark example. A pregnant teenage girl simply cannot be agnostic about abortion for very long. She has only two options: abort, or give birth. The choice she makes will be a practical consequence of her beliefs and value judgments. There is no agnosticism, no “not answering” the question.

Like every religious tradition, Christianity calls us to live lives that are rooted in things of ultimate and lasting value, rather than superficial or self-centred concerns. It challenges us to fight against the narcotic of everyday life by constantly drawing our attention back to the things that most matter. Through worship, Bible reading, and prayer, it incessantly asks us those vital questions: Is it really about making money? Is it about getting promoted? What are our ultimate values and how do we show them in our lives? The real power of secularism is not that it offers alternative answers to these questions but that it distracts from the question. All we need to do is un-distract.

Christianity is not just a set of easy answers to these questions. It is a way, a journey towards the truth. To be a Christian means to belong to a community that trusts what Jesus has revealed about our life’s origin, meaning and end. In that community there are some implicit answers to get us started. We live in the belief that life is meaningful, that selfishness and personal pleasure are not the most important thing. There’s plenty of room for debate and discussion, but let’s at least start talking about the things that matter.

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 Fletcher 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.