In this far ranging and innovative talk, Frank Nuessle, who teaches graduate courses in the Organizational Dynamics program at the University of Pennsylvania, will make the argument that America is locked in another round of the 250 year old battle between oligarchy and free-enterprise networks, and that right now, oligarchy is winning. Oligarchy is represented by public corporations and the ‘too big to fail’ Wall Street banks.
In the wake of mounting evidence of systemic economic, social, and environmental imbalances, a clear consensus is emerging that America needs to do something different. We badly need a new economic operating system because modern capitalism, as currently practiced, is not working. Nassim Taleb, author of “The Black Swan”, said in Bloomberg Businessweek not long ago,
“We’re not living in capitalism. We’re not living in socialism. We’re living in some weird economic situation with the banks controlling more of their share. It’s like we’re serving them rather than them serving us.”
We need to evolve a new form of capitalism that values nature and social equity. These are values that the current capital markets do not recognize or account for as critical components of long term societal and environmental well-being. The result is continued deterioration of earth’s eco-system, increasing concentration of wealth and destruction of the middle class, along with endless political bickering at the national level that fails to produce solutions. That’s why Binghamton needs to seize the opportunity to create its own credit and money systems.
The opportunity is to create a parallel system for the creation of credit and money that operates alongside and supports the Wall Street banks. This system would consist of a public bank plus a network of smaller, localized, specific purpose, social and public credit clearing exchanges — all part of a cloud based banking network — that is decentralized, and digitized. This system will be organized in the public interest of the many instead of the private interest of a few.
In his talk, Mr Nuessle will review some his research bringing many academic threads together to support the design of a credit-money systems that could stimulate job creation, innovation and care for the needs of the community – needs such as elder care, education, safety, healthcare, minimum standards of shelter and food for the poor and strong community bonds.
It is also important to note that this ‘vision of possibility’ that Mr Nuessle will paint for Binghamton is one that he has made from abductive logic, and that it has not yet been verified by the usual scientific methods relying on deductive or inductive logic. As Edward Deming said once, “All models are wrong, but some are useful.” Nuessle’s hope is that this research will produce a model of a system for the creation and distribution of money and credit that can survive the test of scrutiny and adaptation to become useful.
Frank Nuessle is Affiliated Faculty, Organizational Dynamics, University of Pennsylvania, and Managing Partner of Global Performance Institute, a consulting firm specializing in the use of systems thinking and the new sciences to tackle societal problems. Mr. Nuessle has had a 30-year career in cable television, publishing, and corporate consulting and holds an Economics Degree from Princeton University, and an M.B.A. from the University of Rochester.
The Binghamton Community Lab is a gathering place for citizen investigators to engage in creating and supporting improvements that will grow a healthier, wealthier and stronger Binghamton region. David Sloan Wilson, distinguished professor of biology and anthropology at Binghamton University and founder of the Binghamton Neighborhood Project (BNP), joined with David Currie, director of the Binghamton Regional Sustainability Coalition (BRSC) to facilitate this series, held regularly on the third Tuesday of the month.
For additional information, contact Hadassah Head at Hhead1@binghamton.edu.