If the entire world all went bankrupt at the same time, would the capitalist model reset?

The recent £1.5 billion pound loss by the UBS trader has got me thinking; what if the entire world all went bankrupt at the same time, would the capitalist model reset?

And how much good could have been achieved with this money? What if this money had been spent on HIV, cancer research or any of the many neglected tropical diseases which kill millions each year? If UBS can handle this loss, then surely they could also elect to share the wealth. How much good could be done for humanity if the global financial institutions collectively acted for the good of humanity rather than just the greed of the few? Yet I digress…

At an individual level, the future certainly appears bleak. The pension pot is dwindling, so regardless of how hard an individual’s circumstance may be during their employable years, the future is likely to be far worse. Inflation, rising food and energy prices, personal debt, rising unemployment, and of course the ever present austerity measures, seemingly designed to impose maximum imposition to the poor to ensure retention of the status quo, are all factors grinding down the lowest echelons of society. Rail fares are rising yet salaries are not. How long until the proletariat can no longer afford to work? From Maslow’s hierarchy of needs and wants, the bottom layer of the pyramid includes food and shelter, yet in British society, increasingly, the poor live in rented accommodation, often supplied by the state, with food costs rising beyond their budgets, a fact reflected by recent reports regarding the increased burden to food banks. So the poor either have limited or no stability in their shelter and limited access to food, certainly limited in quality as choice is limited. Furthermore, the association between nutrition and educational development has been well documented so it is hardly surprising that the economically deprived tend towards limited educational success adding to a downward spiral (if there is any further that they can slide) of limited prospects, limited employability and continued poverty.

And how can the cost of reparation be spread throughout society even entire countries are going bankrupt? Of course, the rich have scrambled to squirrel their money abroad leaving the cost to be spread to those who didn't benefit from the years of plenty. Globally, countries are failing. And if/when Greece fails, it seems likely this will only be the first in the domino run of countries which will subsequently fall in turn should this scenario present itself.

Barings bank failed due to the reckless action by a single trader.  Northern Rock recently nearly failed due to its lending strategies, and we are all bearing the brunt of bailing out the banks due to the arrogance, incompetence and unbridled hubris.

So if countries and banks are failing and going bankrupt, then what hope is there for the masses? Although the Bank of England has maintained the interest rates at minimal levels for the last few years, seemingly none of the benefit of this reduced rate has been projected to the masses. Thus, it would appear that the banks have been raking in the profits exploiting the obscene spread in the market at the expense of the general public; the very people who were responsible for the economic bail out. And so now whilst the bankers continue with their bonus culture, society looks increasingly on the state of collapse.

London’s latest Marie Antionnette moment? What of the recent report by the BBC (http://www.bbc.co.uk/news/magazine-14989860) about how the public are too lazy to shop around to exchange energy providers? Yet what percentage of the British public are tenants, not landowners, with little or no choice in the selection process for energy provision. What an arrogant and ignorant comment to have made. This only reflects how clueless society has become. Those in power and even those reporting the news simply have no concept of the plight of the common individual.

And when push comes to shove and if things are only going to get worse, then it would appear that bankruptcies are likely to increase; but how much? Is there a critical mass of bankruptcy where the entire system will go into collapse? What would happen if we all couldn’t pay? Except of course for the 1% of obscenely rich who have all the money, but if the system resets, then presumably that becomes worthless…

Would the system actually reset? If it did, would anyone recognise the need for change? Europe has seen significant levels of rioting in recent years due to growing discontent (France, Greece, Britain). Yet the economic divide continues to grow and our leaders continue to impose further austerity measures in response to the economic collapse due to failings of the financial system, who appear to be the only ones unscathed by the entire affair.

The capitalist model is crumbling around us due to the insatiable greed of a fractional minority. Perhaps egalitarianism would prove a more resilient model?

The argument for the canonisation of Henrietta Lacks:

Going out on a limb, I’m off onto a completely different tangent today. Whilst reading ‘The Immortal life of Henrietta Lacks’ by Rebecca Skloot, it crossed my mind that HeLa cells, derived from a cancer patient named Henrietta Lacks, have had the greatest singular impact on scientific progress and medical advances in human history. Arguably, no other individual has ultimately been responsible for generating so much benefit to so many, with so little recognition for their role.

Yet, these cells were not taken with her permission, and with regard to the patient and her family, certainly not for this purpose. Furthermore, not only did she not derive any benefit from this action herself, nor have her descendants and the toll which these cells have taken upon her family has been immeasurable.  But perhaps there can be a silver lining to the tale of familial tragedy in this history. Why should Henrietta Lacks not be canonised by the Roman Catholic Church as a patron saint of healthcare and medicine for the poor and needy?

Miracles: (Of which there are many, but a few spring to mind)

1.       Tissue culture technique is the main stay of medical research enabling initial research to answer basic questions about biology to better direct further research towards novel therapeutic strategies. HeLa cells were the first human derived cell line to be successfully maintained in culture and the result of which has been innumerable advances in medical science.

2.       Use of HeLa cells were integral in polio research, and were ultimately used as a cellular factory involved in the production process of the vaccine which resulted in the prevention of disease and improved health for millions of people. How can this not be viewed as a miracle?

3.       HeLa cells enabled scientists to answer basic questions about cancer biology such as identification of driver mutations and explaining cellular immortalisation which had previously remained unresolved.

For these reasons alone, I feel that what might represent an appropriate strategy to address the lack of recognition to Henrietta Lacks for her contribution to science and humanity would be to appeal to the Catholic Church for her canonisation and to recognise her as a saint.

Both the Christian church and the medical profession attempt to heal and help the sick. Where medical therapies treat the body, the church acts to treat the spirit; furthermore it has long been observed that humour and optimism enhance healing and recovery. But in more modern times, whilst it is common for hospitals to be named for saints and retain historical association with the church, there is otherwise little common ground associating the two.

 And whilst I believe that both truly intend to assist humanity, over the years neither have been without fault; e.g. the holy inquisition by the Catholic Church and a cavalier disregard for individual awareness regarding use of organs, body and tissue by medical research before review and oversight committees enforced ethical review processes. Finally, there has long been opposition and distrust between the Catholic Church and scientific progress.

So perhaps the canonisation of Henrietta Lacks might offer the potential for the combined acknowledgement of an individual and the benefits of medical research in a collective effort to redress a historical tragedy.

This might also enable the church and medical science to reconcile some of their disparate views. And as a result, perhaps the next ‘miracle’ of HeLa cells might be to enable a marriage of sorts between the Catholic Church and scientific progress. That would be a miracle!

So I argue for the case of canonisation of Henrietta Lacks as a modern patron saint of the sick and needy.

If you agree with my argument, please spread the word and help turn this from speculation into reality!