The Progressive

In Transaction Denied: How Financial Institutions Silence Dissent and Undermine Democracy, author Rainey Reitman examines the growing phenomenon of financial censorship, in which banks, payment processors, and credit card networks can restrict access to financial services based on speech, identity, or perceived risk. From voting rights organizations and educators to adult content creators and cannabis entrepreneurs, Reitman shares stories of individuals and communities who have found themselves excluded from the financial system, and explores what these cases reveal about power, free expression, and democratic participation in the digital age. Joining Reitman in conversation is author and journalist Annalee Newitz.

Grab your copy of Transaction Denied: https://www.betterworldbooks.com/product/detail/transaction-denied-big-finance-s-power-to-punish-speech-9780807019115/new

This conversation was recorded on 6/3/2026.

Check out all of the Future Knowledge episodes at https://archive.org/details/future-knowledge 

This week: Google’s parent company announced an unexpected move to raise $80 billion for their AI ventures. Felix Salmon, Elizabeth Spiers, and guest host Mary Childs– host of the new show Mary in America–discuss the logic behind Alphabet's stock-based fundraise, which includes a $10 billion share sale to Berkshire-Hathaway.  Then, Mary explains why it’s getting harder for investors to avoid exposure to AI thanks to the index funds who are bending their rules for companies like SpaceX. And finally, they examine why Spain’s unemployment rate has dropped significantly and what that tells us about the relationship between immigration and the labor market. 

In the Slate Plus episode: Is “f— you” money a myth?

Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen.

Podcast production by Jessamine Molli and Cheyna Roth.

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In this episode we're joined by Fadhel Kaboub for a conversation about the US dollar, its hegemony over the globe, and the emerging challenges to this hegemony. Fadhel Kaboub is a Tunisian-American economist, professor of economics at Denison University, president of the Global Institute for Sustainable Prosperity, and author of Global South Perspectives on substack.

The conversation opens with a historical overview of how the US dollar became the dominant global currency and the power that this brought with it—exploring the petrodollar, the use of sanctions, and other neocolonial mechanisms upheld by the dollar. We then introduce BRICS and exploring how BRICS challenges US dollar hegemony and the limitations to this challenge.

Fadhel then unpacks the ways that US dollar hegemony is and can continue to be challenges through focusing on food sovereignty, energy sovereignty, and industrial/technological sovereignty, which Fadhel unpacks in depth. We then explore some examples of attempts to achieve this kind of sovereignty, beginning with the Alliance of Sahel States and their successes and challenges in seeking sovereignty but looking also at Iran, Cuba, and China.

We explore some concrete examples of how not just the dollar but other colonial currencies both past and present have been utilized to subjugate people and states in the Global South, focusing on the CFA Franc. Fadhel then gives us a sense of the better world that can exist outside of the neocolonial, imperialist structures that dominate today and how that world can be achieved in a concrete way.

Further resources:

• Global South Perspectives (Fadhel Kaboub's Substack)
• Global Institute for Sustainable Prosperity

Related episodes:

• Our ongoing series on the Alliance of Sahel States
• Our ongoing series on Iran
• Our ongoing series on Cuba
• Our ongoing series on China

Intermission music: "Capitalocene" by Wes Carroll Confabulation

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On world money and war.

Costas Lapavitsas, professor of economics at SOAS, London, talks to George and Alex about financialisation, arrested development, and the Strait of Hormuz.

What is the state-led stabilisation of finance capital?

How does today's imperialism differ from prior versions – even if they also inhibited development outside the core?

What is the "liquidity tribute" that developing countries must pay?

How is the war on Iran a perfect case of dollar imperialism: "the dollar and the F35"?

Why is the talk of "colonialism" today a distraction?

London event: History's Back, Baby!

Links:

A Topography of the New Dollar Imperialism, Costas Lapavitsas, NLR

Trump’s Chaotic Imperialism: Economic Warfare, Geopolitical Truculence and Domestic Authoritarianism, Costas Lapavitsas, Socialist Register

For forthcoming Monthly Review article, see here

/139/ Dollar Empire ft. Yakov Feygin & Dominik Leusder

/142/ Dollar Empire (2) ft. Daniel Bessner

In 19th-century America almost anyone could print their own money – and many did. One of the most notable figures to take this up was a man named James Brown, a charismatic conman who built a fortune producing fake banknotes. In this episode of The Story of Money, Stephen Mihm, a professor of history at the University of Georgia, introduces hosts Gillian Tett and Robin Wigglesworth to “the hardest working man in counterfeiting”. They discuss the parallels between banking in the Wild West and the advent of cryptocurrencies today, and the role trust plays in all financial systems.    

Further reading:

A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States, by Stephen Mihm (2007) 

The Square and Tower: Networks, Hierarchies and the Struggle for Global Power, by Niall Ferguson (2018)

To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, and also follow the show's dedicated YouTube channel here. 

Learn more at ft.com/tsom  

Hosts: Gillian Tett and Robin Wigglesworth

Guest: Stephen Mihm

Producer: Lulu Smyth

Senior Producer: Michela Tindera and Laurence Knight

Executive Producers: Flo Phillips and Manuela Saragosa

Original music: Breen Turner

Broadcast engineers: Bianca Wakeman and Petros Giuompasis

Podcast Development: Laura Clarke

FT Global Head of Audio: Cheryl Brumley

Video editor: Kristen Kenyon at Podcast Discovery

Read a transcript of this episode on FT.com

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On political capitalism and divided workers.

Sociology professor at UC Berkeley, Dylan Riley, talks to Alex and Lee about economic stagnation, the state propping up capitalism, and class politics.

What is "political capitalism"? And is it true that plunder and predation matter more now than exploitation?

Why hasn't the ruling class purged the system through mass bankruptcies and unemployment?

How does Chinese state capitalism fit into the story of stagnation and excess capacity?

What is the difference between economic interests and class interests? How is the working class divided today?

Is there a way out of the impasse? What possibility is there of a pro-growth politics?

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Links:

Relevant Episodes

/312/ Consolation-Prize Marxism & the Bunga-Bunga State ft. Dylan Riley

/515/ State Capitalism Is Now ft. Ilias Alami

Riley & Brenner

Seven Theses on American Politics, New Left Review, 2022 

The Long Downturn and Its Political Results, New Left Review, 2025

Some Key Responses

Reflections on Political Capitalism, Lola Seaton, New Left Review, 2023

Notes on ‘Political Capitalism’, John Ganz

Seven Theses on Brenner and Riley's "Political Capitalism", Tim Barker

Robert Brenner’s Unprofitable Theory of Global Stagnation, Seth Ackerman, Jacobin

From Politics to Theory and Back, Benjamin Fong, Damage

 Notable pieces in Sidecar by Dylan

Lenin in America

First Principles

Contra Arendt

How can corporate scandals—from Enron to the Facebook privacy controversy—change the way the world works for the better?
Political scientists Pepper Culpepper and Taeku Lee have drawn on a decade of research on policymaking and public opinion to show how scandals can ignite a public with few political outlets for their discontent. Scandals don’t simply dominate news cycles: they can provoke us to demand better policy, spurring governments to adopt rules that protect us from massive corporations run amok.

They say that today it is giant companies, not governments, that run the world. Businesses launch rockets into space, control satellite communication, and develop era-defining AI technologies. But around the globe, these corporate titans are facing increasing public hostility. Tech giants are accused of promoting misinformation, undermining democracy and violating our privacy. Big banks, reeling since the financial crisis of 2008, continue to face major scandals. Drawing on real-life examples such as the powdered milk scandal that rocked France, the VW scandal in Germany, the Goldman Sachs scandal in the United States, Cambridge Analytica in Britain and Samsung in South Korea, Culpepper and Lee say these scandals are not just symptoms of a careless corporate elite, they are opportunities for real political change.
They explore all of this in their book The Billionaire Backlash, and Taeku Lee comes to Commonwealth Club World Affairs to reveal their take on how the shared anger of citizens can be channeled into a backlash that has the potential to reinvigorate our failing democracies. One corporate scandal at a time.

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