Long Reads: The Class Politics of Central Banking w/ Martijn Konings

The US Federal Reserve appointed a new chair earlier this year. Kevin Warsh replaced Jerome Powell, who had been under constant fire from the Trump administration. For many, Warsh’s appointment represented a turn towards the overt politicization of monetary policy. Is the age of central bank independence coming to an end? And is it something that the Left should mourn or celebrate? Martijn Konings, professor of political economy at the University of Sydney and author of The Bailout State: Why Governments Rescue Banks, Not People, joins Long Reads to discuss the state of central banking. Long Reads is a Jacobin podcast looking in-depth at political topics and thinkers, both contemporary and historical, with the magazine’s writers. Hosted by features editor Daniel Finn. Produced by Conor Gillies with music by Knxwledge.

Featuring Daniel Denvir and Ben Mabie answering questions posed by you, our listeners. Submit a question for our next mailbag: speakpipe.com/ListenerMailbag Support The Dig at Patreon.com/TheDig Read the piece Ben mentioned, “From the Camp to the Picket: Reflections from the UC Strike for Palestine”: longhaulmag.com/uc-strike-for-palestine Learn more about The Shadow Court and Disability Revolution at UCPress.edu The Dig goes deep into politics everywhere, from labor struggles and political economy to imperialism and immigration. Hosted by Daniel Denvir.

Alejandro Velasco looks at Trump’s oil grab in Venezuela. Alex Vitale imagines a post-carceral future. Behind the News, hosted by Doug Henwood, covers the worlds of economics and politics and their complex interactions, from the local to the global.

Unions have more public support than just about anything else in the US, and yet, their membership has cratered. This poses an immense challenge to left-wing politicians, who won't be able to enact lasting change without a robust labor movement beside them. On this latest episode of Confronting Capitalism, Vivek Chibber addresses the age-old question of whether unions are inherently political, the importance (and limits) of internal democracy within unions, and why socialists have always been at the heart of the labor movement. The latest issue of Catalyst is out and you can subscribe for just $20 using the code CONFRONTINGCAPITALISM: https://catalyst-journal.com/subscribe/?code=CONFRONTINGCAPITALISM Have a question for us? Write to us by email: [email protected] Confronting Capitalism with Vivek Chibber is produced by Catalyst: A Journal of Theory and Strategy, and published by Jacobin. Music by Zonkey.

Producer and guest host Mel Figueroa speaks with economist Michael Roberts about the teetering house of cards that is the US and global economy, and how it is all connected to the Iran war and more: Scott Bessent, bond markets, the crisis in private credit, the AI bubble, de-dollarization, and inflation. Is a recession or a depression imminent? The media financial and economic discourse is wildly different from what we experience in our day-to-day struggles; we unpack why that is, and how anxiety at the top of this K-shaped economy will still have real consequences for the US working class. Jacobin Radio with Suzi Weissman features conversations with leading thinkers and activists, with a focus on labor, the economy, and protest movements.

Featuring David Wallace-Wells, Madison Condon, and Moira Birss on how insurance companies profit off climate catastrophe — and, in doing so, ensure that people and the planet suffer the consequences. Guest hosted by Astra Taylor. Support The Dig at Patreon.com/TheDig Read “National Disaster Insurance for All: Single-Payer Disaster Insurance and Community Resilience Investments for Safer and More Affordable Housing”: climateandcommunity.org/research/national-disaster-insurance-for-all-single-payer-disaster-insurance-and-community-resilience-investments-for-safer-and-more-affordable-housing/ Find out more about the Late Victorian Holocausts: El Niño Famines and the Making of the Third World reading group here: equator.org/events/late-victorian-holocausts Find When We Are Kin and The Veiled Prophet at Haymarketbooks.org The Dig goes deep into politics everywhere, from labor struggles and political economy to imperialism and immigration. Hosted by Daniel Denvir.

David McNally, author of Slavery and Capitalism, discusses the political economy of the institution. Plus: Billy Fleming, author of Building Postcarbon Futures, explains how we might get from here to there. Behind the News, hosted by Doug Henwood, covers the worlds of economics and politics and their complex interactions, from the local to the global.

Mike Davis died in 2022, but his work is more urgent than ever. As record temperatures, fires, floods, El Niño, and megadroughts threaten the planet, we hear his prescient 1995 talk, “Reconceptualizing the Environment.” Mike challenged the idea of “natural disaster,” showing how market-driven development put Los Angeles in harm’s way while shifting costs onto the public and the poor. Our sponsor Equator magazine is running an online reading group of Mike’s Late Victorian Holocausts, his landmark study of how climate shocks, empire, and the world market combined to produce mass famine and deepen global inequality. Check it out at equator.org/events Jacobin Radio with Suzi Weissman features conversations with leading thinkers and activists, with a focus on labor, the economy, and protest movements.

Aurélie Daher, author of a piece for Responsible Statecraft, looks at the destruction Israel is visiting upon southern Lebanon. Annie McClanahan, author of Beneath the Wage, discusses nonstandard forms of work and compensation. Behind the News, hosted by Doug Henwood, covers the worlds of economics and politics and their complex interactions, from the local to the global.

Advanced capitalist countries have recently rediscovered the role of industrial policy to build out key economic sectors like semiconductors and AI. But what happens if business is the one calling all the shots? On this latest episode of Confronting Capitalism, we’re sharing Vivek Chibber’s keynote address from the 2026 IFAR Consortium Conference, hosted by the Indonesian International Islamic University. He discusses how developing countries used industrial policy in the past, why the US and Europe are now turning to greater state intervention, and how one could build a new social-democratic alliance between the state and labor. The latest issue of Catalyst is out and you can subscribe for just $20 using the code CONFRONTINGCAPITALISM: https://catalyst-journal.com/subscribe/?code=CONFRONTINGCAPITALISM Have a question for us? Write to us by email: [email protected] Confronting Capitalism with Vivek Chibber is produced by Catalyst: A Journal of Theory and Strategy, and published by Jacobin. Music by Zonkey.