The Real Human Predicament

Resisting the Pull of the Past

Perhaps I'm not being sufficiently blunt. The newspaper headlines are certainly misleading for they give little indication that there's anything fundamentally wrong with our society. There are a few wars going on. The cost of living is a problem. And we've seen some unprecedented natural disasters recently. Oh, and this has been an important year for elections with one of the biggest now past. So everything is pretty much par for the course right? Wrong!

We stand at a critical juncture in human history. But the real existential challenges facing us are not the physical and quantifiable crises we hear about every day. On the contrary, the greatest, most profound challenge is hidden out of sight, in our minds. It's the capacity of our collective consciousness to envisage a world markedly different from the one we have been so busy constructing.

Each one of the external threats we face - from climate change, social inequality, corruption, geopolitical instability, and the chance of nuclear warfare, to mistrust in some of our most venerable institutions, including the science community, the church, family courts, and police, is alarming. Taken together they demand not just small adjustments but a transformative leap in our understanding of how we can and should relate to one another and to the world we call home. Yet, in an era of so much potential, we find ourselves held back by the very structures that should empower such a radical course correction.

Much of the capital that could drive meaningful change is instead shoring up socio-economic and political practices that increasingly seem so out-of-touch with reality. Industrial economism - the whole damned neoliberal enterprise of excessive production fueling mass consumption - not just of life's essentials but of weapons, drugs, misinformation, religious fanaticism, luxury goods, and of course the latest 'must-have' gadgets - is in serious danger of collapse. Meanwhile, those who do have wealth can’t do much with it without revealing the real game that goes on behind the scenes.

In fact, the contemporary financial landscape is a stark reflection of this predicament which, much like the old Wizard of Oz manually turning his mechanical contraption from behind the safety of a curtain, remains hidden from public view. Deliberately so. Credit, once the lifeblood for innovation and growth, is tightening as economic disparities widen. The International Monetary Fund warns of a looming crisis of debt, particularly in developing nations, where access to capital is stifled by predatory lending practices and economic policies that favour the wealthy.

National indebtedness appears increasingly precarious. Global debt levels have surged beyond $300 trillion. Economic slowdowns in various regions, driven by inflationary pressures, supply chain disruptions, and geopolitical tensions, threaten to reduce government revenues, heightening the risk of defaults. And of course, the Covid-19 pandemic highlighted how public health crises can lead to sizeable fiscal burdens, while even a hint of future health emergencies could easily exacerbate this trend.

The urgent need for investment in climate resilience and adaptation further complicates matters, as governments may struggle to finance vital initiatives amid rising costs. Meanwhile, social inequality and civil unrest are pressing governments to increase spending on social programs, potentially leading to unsustainable debt levels if not matched by economic growth. Together, these factors create a myriad dilemmas that many nations will need to navigate in order to maintain fiscal stability.

The concentration of wealth creates a paradox: those who hold significant capital often find themselves stuck, compelled to maintain existing power structures because they serve their interests. Financial institutions, which could be engines of social mobility, become parts in a machine designed to reinforce inequality. A powerful few, through hedge funds and investment firms, hold sway over entire economies, stifling competition and innovation. The result is a world where solutions to pressing problems are either being obscured by a fog of self-interest or, when they do eventually become publicly visible, are impaired by the lack of capital available to spend on radical systemic transformation.

At the heart of this crisis lies the rise of an oligarchy of wealth and power that operates largely beyond the reach of democratic accountability. Notable figures such as Larry Fink of BlackRock and other financial titans like Jamie Dimon of JPMorgan Chase, and Warren Buffett, CEO of Berkshire Hathaway, wield disproportionate influence over global markets and related policies. Their influence extends into realms that impact the lives of billions, judgements often being made without public scrutiny or consent.

Consider the case of the 2008 financial crisis, where decisions made by a handful of bankers led to the collapse of economies worldwide, yet those responsible faced little accountability. Instead, governments rushed to bail out these “too big to fail” entities, perpetuating a system in which the risks are socialized while the rewards remain privatized. This dynamic not only undermines faith in democratic processes but also stifles the emergence of new paradigms able to defy the status quo.

The illness industry (whoops, I mean of course the medical profession) stands as another testament to how profit motives can overshadow the needs of the majority - in this case the imperative of health and wellbeing. The Covid-19 pandemic illuminated the fragility of a system captured by pharmaceutical giants. Companies like Pfizer and Moderna exemplify how the pursuit of profit can lead to ethical dilemmas, like price gouging and unequal access to life-saving treatments.

In the United States, the healthcare system is a glaring example of commodification, where access to care is often determined by wealth. The opioid crisis serves as a tragic reminder of how corporate interests can dictate health outcomes. Pharmaceutical companies aggressively market addictive painkillers, resulting in widespread dependence. Subsequent legal battles reveal not only the deep-seated corruption within the industry but also the urgent need for a healthcare model that prioritizes human well-being over profits.

The industrial-military complex represents the pinnacle of this problem, with resources disproportionately allocated to all aspects of warfare rather than addressing the root causes of conflict. The United States spends over $700 billion annually on defense, a staggering figure that eclipses investments in education, infrastructure, and social welfare combined. This misallocation of public money perpetuates cycles of violence, diverting attention away from pressing issues such as poverty and inequality.

For instance, the ongoing conflicts in the Middle East, fuelled by arms sales and geopolitical maneuvering, have led to humanitarian crises that ripple across the globe - again not simply from a material perspective but traumatically. The prioritization of military spending that exacerbates suffering and markets death also diverts attention from diplomatic solutions that could see a halt to the aggression. As long as resources are funneled into the machinery of war, the prospect of achieving a stable and just global society remains elusive for peace, we must always remember, is so much more than just the absence of war.

To confront these existential threats, humanity needs to engage in a collective reimagining of its priorities and values. We need to focus on what really matters in order to survive. This shift requires not only a change in individual awareness but also a systemic transformation that redistributes power and resources more equitably.

Investing in grassroots movements, sustainable technologies, and community-driven initiatives might provide alternative pathways forward. The rise of social enterprises and cooperatives has already shown us the potential with organizations like Patagonia and Ben & Jerry’s demonstrating that prioritizing social and environmental impacts can coexist with profitability. These models hit at the core of our belief that business must always prioritize shareholder value over societal good.

There's no easy solution to the predicament facing humanity for what is a complex interplay of deeply ingrained inequality, political incompetence, authoritarianism, and institutional complacency. As the veins of credit curdle, and wealth becomes increasingly concentrated, the opportunity for actual transformative change diminishes. Yet, herein lies an opportunity.

Youth may hold the answer. I'm pretty sure that the next generation of billionaires aren't so keen as their parents not to rock the boat. If they see a chance to grow their wealth while taking greater care of people and the planet, they will leap at the chance. The future is theirs of course. They know collaboration rather than competition is the only viable path forward, which is why they are much more open to stepping into alternative epistemologies that transcend tradition in order to empower collective action.

By embracing transparency, responsibility, and an unselfish commitment to fairness, the next generation will navigate the challenges we face by doing what their parents could not bring themselves to do: staking their wealth on finding solutions to the world's problems that benefit everyone and conserve the planet's resources.

Today, the call for this giant leap in consciousness resonates more loudly than ever, urging us to reimagine what is possible in the face of losing everything we cherish. It's a no-brainer when put like that.