Column
Culture
4 min read

Depreciating human life: a year-end market report

The cold currency of trading hostages repels George Pitcher, who explores the casual acceptance that some lives are biddable against lives of intrinsically higher value.

George is a visiting fellow at the London School of Economics and an Anglican priest.

Three men huddle around a laptop and talk animatedly.
Israel's Prime Minister monitors the recent hostage exhchange.
Prime Minister's Office, Israeli Government.

There is something peculiarly horrific about the barter of Israeli hostages held in Gaza by Hamas for Palestinian prisoners in Israel. And it isn’t only the unimaginable suffering these innocent civilians have to endure somewhere on an unknown scale between life and death. 

It’s also that their lives are reduced to their commodity value. Hostages are assets to be traded in the market for peace, not human beings. It’s difficult to write this, but it’s almost as if three dead hostages, including a 10-month-old baby, said to have been killed in an Israeli airstrike, have lost their asset value. These ones are no good – they don’t work anymore.  

Negotiating the release of hostages for peace terms is as old as the Hebron Hills. An Egyptian pharaoh once released his enslaved Israelites to Moses in return for the lifting of the plagues being inflicted on his people. But there is something of the neo-liberal free market in the way that post-modern conflict resolution uses human life as a currency of exchange. 

Ryan Gilfeather wrote excellently here how this material valuation offends against the human dignity in which the divine invests. The imago dei that humanity bears, if you like, is not to be reduced to a bounty, a financial liability or an asset value. 

As a consequence, human life is tradeable. Yes, it has value, but its share price can fall as well as rise.

I’d want to take that a step further, to ask how that depreciation has come about with such ready acceptance and to note a couple of instances where the mentality of the trade in human existence has become a natural process of marketing.  

The attitude, I think, has its roots in the Enlightenment of the 17th and 18th centuries. Don’t get me wrong: This is no censure of progressivism. Universal literacy, healthcare, scientific endeavour and the birth and growth of democracy are all very good ideas indeed. But the Enlightenment also brought the capitalist mindset to almost every area of human existence. Our lives, in many contexts, became actuarial.   

This is not my idea. The great, perhaps the greatest, Christian mind of the 20th century, C.S. Lewis, railed against how Fascism and genocide were the bastard offspring of our common-law marriage to progressive thinking, in that traditional values of human existence were now only there to be debunked.  

I am indebted to Lewis’s biographer, A.N. Wilson, for this. In Lewis’s book, The Abolition of Man, he writes of “The belief that we can invent ‘ideologies’ at pleasure, and the consequent treatment of mankind as mere specimens… begins to affect our very language.’ 

Lewis was no white-knuckled reactionary, but he did recognise that the values and virtues of ancient religious thought were binned at humanity’s peril. We had begun to understand the price of human life, rather the the value of it. 

This is not to suggest for a moment that the ancient world was a nirvana (or even a Narnia). The Garden of Eden was lost at the beginning of time, not at the Enlightenment. Brutality, slavery and cruelty are part of our post-lapsarian world. 

It’s just that religious virtue used to be a bulwark against such things. As a consequence, human life is tradeable. Yes, it has value, but its share price can fall as well as rise. By the 21st century, we can look behind us to see how that has played out. Allow me to elucidate a couple of examples of how casual is our acceptance that some lives are biddable against lives of intrinsically higher value.  

The first is the almost clownishly implemented government policy proposal to redeploy migrants to the UK to Rwanda. Almost clownishly, because it would be funny if it didn’t involve a trade in human misery, the idea that desperate people endangering their lives and those of their families in small boats can be made someone else’s problem to sort out, simply by looking away. These people are worthless, you see, because they are not us and only we belong here (whoever “we” may be). The idea is that we pay Rwanda per capita to take them, rather as we might send our plastic refuse to China for landfill. 

A second example of merchandising human life I would cite are the repeated attempts to have assisted suicide, or voluntary euthanasia, legalised in the UK, rather than enhancing palliative end-of-life care. These proposals depend entirely on the state legislature endorsing that some human lives aren’t worth living and are disposable.  

At base, it’s the same principle as the Rwanda policy, other than we’d be killing them, or assisting them to kill themselves, rather than disposing of them in a central African waste-bin. 

These are the “anythings” that humans believe in when they stop recognising the sanctity of human life. The value equation used for Gazan hostages is on the same continuum as the human trafficker and the politician who tries to stop him, or the calculation of the cost to the state and their family of a terminally ill patient offered an alternative way out. 

It’s just that these equations have become invisible to the naked eye. We don’t see them anymore. But, I’d suggest, for Christ’s sake we’d better start looking. 

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.