Restoring a healthy economy will require a local focus. Here’s why.
How will the current challenges to the global economy pressure it to change?
John Fullerton is the founder and president of Capital Institute, a non-partisan organization working to create a more just and sustainable way of living on earth through the implementation of a Regenerative Economy.
After spending years immersed in the sustainability challenge of our age following his Wall Street career, John is now a globally-recognized thought leader in the New Economy space. The architect of the concept of Regenerative Capitalism, John is the author of Regenerative Capitalism: How Universal Principles and Patterns Will Shape the New Economy and the Future of Finance blog.
JOHN FULLERTON: Local economy is now a fairly common idea in this new economy space and there's good reason for that. Again, going back to the principles in real life—life happens in the context of a unique culture and a unique place so a tropical rain forest has its own unique characteristics, very different than an arctic zone. In human cultures or in human communities it's not just the geological context that matters, but it's also the cultural context that matters. So business in Japan or in South Korea happens very differently than it does in the United States or in the United Kingdom. And yet in our modern understanding of economy we talk about this thing called the global economy and we sort of aggregate numbers into a global GDP, which is completely divorced from the unique qualities and characteristics that exist in each place. And so I would even go so far as to say that the unit of analysis that we've chosen, nation states and corporations, is a human artifact that originated in the modern age using reductionist thinking. And, in fact, the real or the correct unit of analysis is bioregional scale place.
And so imagine if you thought about human economic development from a place-based perspective, you would have instead of a global corporation like Apple thought of as a single thing, you would have Apple's manufacturing plant in China as part of the Chinese bioregional economy. And in one of our hubs in Buffalo you have the solar manufacturing plant that is operated by Panasonic but our partner in that project is the Panasonic plant manager not Panasonic in Japan because that Panasonic plant manager in Buffalo is part of that local community and is operating in that context and has to understand the history of that place in order to thrive in that place.
So, in a nutshell, we believe that the new pathway toward economic prosperity is going to happen in the context of community and place and build from there through networking, as opposed to happen from top-down policy initiatives.
And even some of the more well regarded well read columnists now are onto this. Both Tom Friedman and David Brooks, for example, have written about community based economic development in the context of when the nation state is broken things work better. The interesting thing is that they're happening at the local level, which is true. What I don't think they've done yet is connected the dots to see that that's actually in alignment with the principles of how living systems work so it's correct, it's not just an observation, it's actually what has to happen. And the hopeful sign here is that the worse things get the greater the pressures that build the more that these shifts happen automatically. Systems don't change unless there's pressure. If you put a pot of water on the stove it stays a pot of water until you turn the heat up and then eventually it boils. So the heat is turned up in our global economy and so that pressure is causing the economy to alter and find its way into a more healthy state and that's called emergence in complexity science. And we see that happening all over the world now.
- Life is different everywhere—it is determined by the context of a unique culture and a unique geography. The same goes for economies. Local economies are unique to their contexts, says John Fullerton, founder and president of Capital Institute.
- "[I]magine if you thought about human economic development from a place-based perspective," says Fullerton. "You would have, instead of a global corporation like Apple, thought of as a single thing, you would have Apple's manufacturing plant in China as part of the Chinese bioregional economy."
- The pressure on the current global economy will cause it to shift and evolve into a healthier state of community-based economic development.
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The first nation to make bitcoin legal tender will use geothermal energy to mine it.
This article was originally published on our sister site, Freethink.
In June 2021, El Salvador became the first nation in the world to make bitcoin legal tender. Soon after, President Nayib Bukele instructed a state-owned power company to provide bitcoin mining facilities with cheap, clean energy — harnessed from the country's volcanoes.
The challenge: Bitcoin is a cryptocurrency, a digital form of money and a payment system. Crypto has several advantages over physical dollars and cents — it's incredibly difficult to counterfeit, and transactions are more secure — but it also has a major downside.
Crypto transactions are recorded and new coins are added into circulation through a process called mining.
Crypto mining involves computers solving incredibly difficult mathematical puzzles. It is also incredibly energy-intensive — Cambridge University researchers estimate that bitcoin mining alone consumes more electricity every year than Argentina.
Most of that electricity is generated by carbon-emitting fossil fuels. As it stands, bitcoin mining produces an estimated 36.95 megatons of CO2 annually.
A world first: On June 9, El Salvador became the first nation to make bitcoin legal tender, meaning businesses have to accept it as payment and citizens can use it to pay taxes.
Less than a day later, Bukele tweeted that he'd instructed a state-owned geothermal electric company to put together a plan to provide bitcoin mining facilities with "very cheap, 100% clean, 100% renewable, 0 emissions energy."
Geothermal electricity is produced by capturing heat from the Earth itself. In El Salvador, that heat comes from volcanoes, and an estimated two-thirds of their energy potential is currently untapped.
Why it matters: El Salvador's decision to make bitcoin legal tender could be a win for both the crypto and the nation itself.
"(W)hat it does for bitcoin is further legitimizes its status as a potential reserve asset for sovereign and super sovereign entities," Greg King, CEO of crypto asset management firm Osprey Funds, told CBS News of the legislation.
Meanwhile, El Salvador is one of the poorest nations in North America, and bitcoin miners — the people who own and operate the computers doing the mining — receive bitcoins as a reward for their efforts.
"This is going to evolve fast!"
If El Salvador begins operating bitcoin mining facilities powered by clean, cheap geothermal energy, it could become a global hub for mining — and receive a much-needed economic boost in the process.
The next steps: It remains to be seen whether Salvadorans will fully embrace bitcoin — which is notoriously volatile — or continue business-as-usual with the nation's other legal tender, the U.S. dollar.
Only time will tell if Bukele's plan for volcano-powered bitcoin mining facilities comes to fruition, too — but based on the speed of things so far, we won't have to wait long to find out.
Less than three hours after tweeting about the idea, Bukele followed up with another tweet claiming that the nation's geothermal energy company had already dug a new well and was designing a "mining hub" around it.
"This is going to evolve fast!" the president promised.
How were mRNA vaccines developed? Pfizer's Dr Bill Gruber explains the science behind this record-breaking achievement and how it was developed without compromising safety.
- Wondering how Pfizer and partner BioNTech developed a COVID-19 vaccine in record time without compromising safety? Dr Bill Gruber, SVP of Pfizer Vaccine Clinical Research and Development, explains the process from start to finish.
- "I told my team, at first we were inspired by hope and now we're inspired by reality," Dr Gruber said. "If you bring critical science together, talented team members together, government, academia, industry, public health officials—you can achieve what was previously the unachievable."
- The Pfizer-BioNTech COVID-19 Vaccine has not been approved or licensed by the Food and Drug Administration (FDA), but has been authorized for emergency use by FDA under an Emergency Use Authorization (EUA) to prevent COVID-19 for use in individuals 12 years of age and older. The emergency use of this product is only authorized for the duration of the emergency declaration unless ended sooner. See Fact Sheet: cvdvaccine-us.com/recipients.
The father of all giant sea bugs was recently discovered off the coast of Java.
- A new species of isopod with a resemblance to a certain Sith lord was just discovered.
- It is the first known giant isopod from the Indian Ocean.
- The finding extends the list of giant isopods even further.
Humanity knows surprisingly little about the ocean depths. An often-repeated bit of evidence for this is the fact that humanity has done a better job mapping the surface of Mars than the bottom of the sea. The creatures we find lurking in the watery abyss often surprise even the most dedicated researchers with their unique features and bizarre behavior.
A recent expedition off the coast of Java discovered a new isopod species remarkable for its size and resemblance to Darth Vader.
The ocean depths are home to many creatures that some consider to be unnatural.
According to LiveScience, the Bathynomus genus is sometimes referred to as "Darth Vader of the Seas" because the crustaceans are shaped like the character's menacing helmet. Deemed Bathynomus raksasa ("raksasa" meaning "giant" in Indonesian), this cockroach-like creature can grow to over 30 cm (12 inches). It is one of several known species of giant ocean-going isopod. Like the other members of its order, it has compound eyes, seven body segments, two pairs of antennae, and four sets of jaws.
The incredible size of this species is likely a result of deep-sea gigantism. This is the tendency for creatures that inhabit deeper parts of the ocean to be much larger than closely related species that live in shallower waters. B. raksasa appears to make its home between 950 and 1,260 meters (3,117 and 4,134 ft) below sea level.
Perhaps fittingly for a creature so creepy looking, that is the lower sections of what is commonly called The Twilight Zone, named for the lack of light available at such depths.
It isn't the only giant isopod, far from it. Other species of ocean-going isopod can get up to 50 cm long (20 inches) and also look like they came out of a nightmare. These are the unusual ones, though. Most of the time, isopods stay at much more reasonable sizes.
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During an expedition, there are some animals which you find unexpectedly, while there are others that you hope to find. One of the animal that we hoped to find was a deep sea cockroach affectionately known as Darth Vader Isopod. The staff on our expedition team could not contain their excitement when they finally saw one, holding it triumphantly in the air! #SJADES2018
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What benefit does this find have for science? And is it as evil as it looks?
The discovery of a new species is always a cause for celebration in zoology. That this is the discovery of an animal that inhabits the deeps of the sea, one of the least explored areas humans can get to, is the icing on the cake.
Helen Wong of the National University of Singapore, who co-authored the species' description, explained the importance of the discovery:
"The identification of this new species is an indication of just how little we know about the oceans. There is certainly more for us to explore in terms of biodiversity in the deep sea of our region."
The animal's visual similarity to Darth Vader is a result of its compound eyes and the curious shape of its head. However, given the location of its discovery, the bottom of the remote seas, it may be associated with all manner of horrifically evil Elder Things and Great Old Ones.
Every star we can see, including our sun, was born in one of these violent clouds.
This article was originally published on our sister site, Freethink.
An international team of astronomers has conducted the biggest survey of stellar nurseries to date, charting more than 100,000 star-birthing regions across our corner of the universe.
Stellar nurseries: Outer space is filled with clouds of dust and gas called nebulae. In some of these nebulae, gravity will pull the dust and gas into clumps that eventually get so big, they collapse on themselves — and a star is born.
These star-birthing nebulae are known as stellar nurseries.
The challenge: Stars are a key part of the universe — they lead to the formation of planets and produce the elements needed to create life as we know it. A better understanding of stars, then, means a better understanding of the universe — but there's still a lot we don't know about star formation.
This is partly because it's hard to see what's going on in stellar nurseries — the clouds of dust obscure optical telescopes' view — and also because there are just so many of them that it's hard to know what the average nursery is like.
The survey: The astronomers conducted their survey of stellar nurseries using the massive ALMA telescope array in Chile. Because ALMA is a radio telescope, it captures the radio waves emanating from celestial objects, rather than the light.
"The new thing ... is that we can use ALMA to take pictures of many galaxies, and these pictures are as sharp and detailed as those taken by optical telescopes," Jiayi Sun, an Ohio State University (OSU) researcher, said in a press release.
"This just hasn't been possible before."
Over the course of the five-year survey, the group was able to chart more than 100,000 stellar nurseries across more than 90 nearby galaxies, expanding the amount of available data on the celestial objects tenfold, according to OSU researcher Adam Leroy.
New insights: The survey is already yielding new insights into stellar nurseries, including the fact that they appear to be more diverse than previously thought.
"For a long time, conventional wisdom among astronomers was that all stellar nurseries looked more or less the same," Sun said. "But with this survey we can see that this is really not the case."
"While there are some similarities, the nature and appearance of these nurseries change within and among galaxies," he continued, "just like cities or trees may vary in important ways as you go from place to place across the world."
Astronomers have also learned from the survey that stellar nurseries aren't particularly efficient at producing stars and tend to live for only 10 to 30 million years, which isn't very long on a universal scale.
Looking ahead: Data from the survey is now publicly available, so expect to see other researchers using it to make their own observations about stellar nurseries in the future.
"We have an incredible dataset here that will continue to be useful," Leroy said. "This is really a new view of galaxies and we expect to be learning from it for years to come."