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Sea Change Radio

What is the Amer­i­can dol­lar based on? It was based on the gold stan­dard until 1971 when it tran­si­tioned to a float­ing mon­e­tary sys­tem. This week’s guest on Sea Change Radio believes US cur­ren­cy now rests unof­fi­cial­ly on the price of oil. What will a suc­cess­ful Green New Deal will look like if the under­ly­ing cur­ren­cy upon which the US econ­o­my rests is based on fos­sil fuels? We speak to James Quil­li­gan, the Man­ag­ing Direc­tor of Eco­nom­ic Democ­ra­cy Advo­cates and long­time pol­i­cy ana­lyst in the inter­na­tion­al devel­op­ment space. Quil­li­gan explains the his­to­ry of the com­mons and mon­e­tary pol­i­cy, points out some of the short­com­ings of cap­i­tal­ism, and lays out how to ensure the sur­vival of democ­ra­cy. He argues that under­stand­ing the com­plex­i­ties of our glob­al eco­nom­ic sys­tem is the first step in fix­ing it.