Money on the Left

For over twenty years, India’s national rural jobs program provided a legal right to work for over 265 million people--the majority of them women--serving as a vital lifeline against poverty and a global model for social security. Tragically, however, that lifeline is now being cut.In this episode, we speak with Khush Vachhrajani, writer and national coordinator at the Social Accountability Forum for Action and Research in India, about his recent article in The Wire, "How to Kill a Golden Goose: MGNREGA Repeal Reveals More than it Hides." Vachhrajani contextualizes the sudden 2026 demise of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and its replacement by the new Viksit Bharat–Guarantee for Rozgar and Ajeevika Mission (VB-G RAM G). As he explains, this shift effectively "kills the golden goose" for millions of rural workers by replacing a demand-driven legal guarantee with arbitrary budget caps and centralized control. We discuss the neoliberal money politics behind this move: a calculated transition from a rights-based framework that empowered workers to a supply-led scheme that prioritizes fiscal austerity over human dignity.Still, our dialog is not merely a post-mortem of a fallen policy. From the "Save MGNREGA" nationwide agitations to defiant resolutions passed in thousands of Gram Sabhas, the people of India are actively fighting to reclaim their right to work. This episode explores both the devastating effects of the repeal and the growing movement of workers, unions, and activists who refuse to let this Golden Goose go quietly, proving that the struggle for democratic accountability is far from over.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

In this episode, we speak with Tyler Creighton about the ongoing struggle to save the Consumer Financial Protection Bureau (CFPB) from defunding and closure at the hands of Russell Vought in the second Trump Administration. Creighton is a lawyer at the CFPB and a member of the National Treasury Employees Union (NTEU), Chapter 335. Before joining the CFPB, Creighton clerked for the Massachusetts Appeals Court and, prior to that, he was an organizer for pro-democracy reforms at Common Cause and ReThink Media. We talk with Creighton about life at the CFPB under the leadership of Vought, central architect of the notorious Project 2025 document and avowed opponent of the agency he now directs. During our conversation, Creighton details how, in spite of Vought’s attempts to defund and close the agency, the CFPB continues to survive. In Creighton’s telling, the agency’s endurance owes in no small part to the continuous labor actions undertaken by the NTEU and its members. In February 2025, for example, the union sued the Trump Administration, securing an injunction against Vought’s efforts to close the agency. (Read the judge’s extraordinary Memorandum Opinion here.) Then, in late December, a federal district court judge ruled that the Trump administration must continue to fund the CFPB through the Federal Reserve, contradicting Vought’s absurd claim that the CFPB can no longer seek financing from the Fed because the nation’s Central Bank is operating at a loss.Despite the NTEU’s string of successes, the fate of the CFPB still remains to be determined. The good news, however, is that there are ways that you can support the bureau as it rounds into its second year of the second Trump Administration. Learn more about the fight to save the CFPB from the CFPB Union website. Follow and share news from the NTEU account on Bluesky. Join the union’s public demonstrations, if you live near or find yourself visiting Washington D.C. You can also help fund the NTEU’s activities by purchasing any number of cheeky items in their online merchandise shop. Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

Will Beaman joins Billy Saas & Scott Ferguson to discuss the enduring influence of David Graeber’s debt-centered work in the wake of Zohran Mamdani’s election to Mayor of New York City. Will and Scott unpack their jointly authored essay, “The Utopia of Refusal: David Graeber, Debt & the Left Monetary Imagination,” which is the latest in a series of pieces by the Money on the Left Editorial Collective to agitate for credit-centered experimentation through and beyond the Mamdani mayoralty. Most crucially, Will and Scott find that the Graeberian framework on debt funnels political attention and action toward periodic acts of cancellation or refusal to the exclusion of radical democratic alternatives such as those outlined in “Blue Bonds: A Fiscal Strategy for Overcoming Trump 2.0” and “How the Zetro Card can Save New York City (Really).” While Graeber’s work has been indispensable to left organization and advocacy since before Occupy, what’s needed now, the hosts argue, is a framework for mobilizing--rather than refusing to engage--the considerable fiscal agency already at hand across all levels of governance.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

We are joined by David I. Backer, associate professor of education policy at Seton Hall University, to discuss his new book: As Public as Possible: Radical Finance for America’s Schools (The New Press, 2025). The right-wing attack on education has cut deep. In response, millions of Americans have rallied to defend their cherished public schools. Backer’s incisive book asks whether choosing between our embattled status quo and the stingy privatized vision of the right is the only path forward. In As Public as Possible, Backer argues for going on the offensive by radically expanding the very notion of the “public” in our public schools.Helping us to imagine a more just and equitable future, As Public as Possible proposes a specific set of financial policies aimed at providing a high-quality and truly public education for all Americans, regardless of wealth and race. He shows how we can decouple school funding from property tax revenue, evening out inequalities across districts by distributing resources according to need. He argues for direct federal grants instead of the predations of municipal debt markets. And he offers eye-opening examples spanning the past and present, from the former Yugoslavia to contemporary Philadelphia, which hastens us to envision a radically different way of financing the education of all of children.Backer's book is thus a must-read for anyone interested in building a robust and democratic public education system today and in the future.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

Billy Saas and Scott Ferguson are joined by Will Beaman to discuss Money on the Left’s framework for what we call “Democratic Public Finance” (DPF). According to this paradigm, money is public credit, a capacious tool for mobilizing everyone’s capacities to meet our needs and build a desirable future. DPF redefines politics as the process of coordinating our abundant human and material resources within ecological limits, rather than as an austere and exploitative competition for scarce funds. With this, Money on the Left not only opens fresh horizons for left politics, but also directly challenges the fiscal sabotage routinely carried out by liberals, conservatives and the authoritarian right. In conceptualizing DPF, Money on the Left builds on insights from Modern Monetary Theory (MMT); but we also push beyond MMT’s delimitation of public money creation to the alleged sovereignty of the nation-state. Contrary to conventional accounts of MMT, we insist that money is a public, contested, and inexhaustible institution that must be politicized and redesigned across all levels of governance. During our discussion, our cohosts outline the approach to DPF presented in our recent long-form publication, “Democratic Public Finance: A Radical Vision for Mamdani’s New York City.” Along the way, we tease out key insights from myriad other contemporary works, which variously leverage DPF to challenge the second Trump administration’s authoritarian radicalization of neoliberal economics. Such texts include co-authored pieces such as “Blue Bonds: A Fiscal Strategy for Overcoming Trump 2.0,” “How the Zetro Card can Save New York City (Really),” and “It’s Time for Complimentary Currencies,” as well as writings by Will Beaman like “How to New York Times Proof Mamdani’s Playbook,” “Blue Bonds: Duck or Rabbit?,” and “The Case for Fiscal Insurgency.” The conversation highlights the originality and urgency of Money on the Left’s core ideas for Democratic Public Finance. Since the discussion only scratches the surface of our writings, however, we encourage listeners to consult the linked publications above for a comprehensive engagement with DPF.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

In this episode of the Superstructure podcast, Scott Ferguson is joined by independent film scholar Jonathan Haynes to discuss Paul Thomas Anderson’s acclaimed new film, One Battle After Another. The conversation centers on the film’s contribution to popular political cinema under the authoritarian violence of the second Trump administration. Scott and Jonathan affirm One Battle’s unapologetically leftist perspective as a breath of fresh air within a current political climate of despair–a feeling emblematized by films such as Ari Aster’s Eddington. Specifically, the episode examines how One Battle, which draws loose inspiration from Thomas Pynchon’s 1990 novel Vineland, deliberately removes specific historical markers to place the story in an ambiguous present of ongoing revolution and counter-revolution. The hosts evaluate One Battle’s controversial representation of leftist violence, highlighting the film’s focus on countervailing infrastructures in addition to punctuated actions. They also speculate about the meaning of the film’s rich aesthetic choices, including the mobile telephoto lenses that transform a conventional car chase into a dizzying allegory of an American culture unclear about its driving motivations and aims. Finally, Scott and Jonathan consider the complex, racialized eroticism between the revolutionary mother and the white-supremacist commander (played by Teyana Taylor and Sean Penn), which gives rise to the central character, Willa (Chase Infinity). Willa, they argue, embodies the entangled, embattled, and yet still hopeful left politics that the film ultimately celebrates.Music: “Yum” from “This Would Be Funny If It Were Happening to Anyone but Me” EP by flirting.flirtingfullstop.bandcamp.com/Twitter: @actualflirting

We speak with Caroline Levine, Ryan Professor of the Humanities in the Department of Literatures in English at Cornell University, about her important book The Activist Humanist: Form and Method in the Climate Crisis(Princeton University Press, 2023). Building on the theory developed in her award-winning book, Forms: Whole, Rhythm, Hierarchy, Network, Levine’s The Activist Humanist redirects the critical capacities of formalist literary study to discover and mobilize the democratic potential of political forms thought by many on the left to be irredeemably exclusive, violent, and anti-democratic. Countering scholars in the environmental humanities who embrace only “modest gestures of care”—and who seem to have moved directly to “mourning” our inevitable environmental losses—Levine argues that large-scale, practical environmental activism should be integral to humanists’ work. For Levine, humanists have the tools–and the responsibility–to mobilize political power to tackle climate change. We speak with Levine at length about this project in an effort to move beyond critical gestures of dissolution and toward an activist formalism that moves constructively between politics and aesthetics.See the Doughnut Economics Action Lab website for more information about the upcoming screening of Finding the Money mentioned in the audio introduction.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com* Thank you to Robert Rusch for the episode graphic, Nahneen Kula for the theme tune, and Thomas Chaplin for the transcript. 

Money on the Left is proud to publish a remastered version of our third episode (ever!) with Fadhel Kaboub, now with a new transcript and art. Kaboub is associate professor of economics at Denison and President of the Global Institute for Sustainable Prosperity. In our conversation, Kaboub outlines a new critical approach to postcolonial political economy, arguing that re-gaining fiscal agency is a crucial next step for postcolonial nations hoping to achieve social, economic, and environmental justice. We talk specifically and at length about the CFA franc currency union, a system with violent colonial roots that continues to constrain the economic and political agency of its member states in West and Central Africa.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

We speak with Vijay Raghavan, Professor of Law at the Brooklyn Law School, about his recent article, “The Radical Potential of Consumer Financial Protection,” published in Boston College Law Review in April 2025. Raghavan builds on the work of constitutional money theorists, as well as his legal experience in the public sector. In particular, he argues that consumer financial protection is an essential and potentially radical response to the "finance franchise,” a predominantly anti-democratic process by which modern governments delegate the money creation process to private actors like banks. The consensus in contemporary left sociological and legal scholarship dismisses consumer financial protection as a rearguard effort to sustain neoliberal capitalism. Raghavan, by contrast, reconceptualizes consumer financial protection as a vital counterweight to legally structured domination in financial markets. By tracing the history of this struggle from the early 20th century to the present, Raghavan provides a powerful legal framework for today's debtor movements, including the national campaigns to cancel student and medical debt. In doing so, Raghavan offers a forward-looking vision for how to build a durable consumer financial protection regime capable of reclaiming democratic authority in the post-Trump era.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com

In this special episode, Rob Hawkes joins Scott Ferguson and Will Beaman to discuss his new article “(Un)conditional Openness: Towards a Neochartalist Theory of Money and Trust,” which was recently published in Money on the Left: History, Theory, Practice. The conversation traces the development of Rob’s long-standing interest in theories of trust from his doctoral research in literary studies towards an increasing fascination with the topic of money which eventually led him to MMT, neochartalism and the Money on the Left project. Rob recalls a jarring moment when, having become excited by the possibility of bringing MMT into his research on literature and trust, he realised that some neochartalists reject the idea that money is trust-based. Determined to think this relationship through in greater depth, Rob’s article reaches the conclusion that neochartalism demands a re-theorisation of the concept of trust itself. In this wide-ranging conversation, Rob, Scott, and Will work through some of the key moves the article makes, including the problematisation of barter-like theories of “calculative trust,” its consideration of the connection between trust and vulnerability, and the way trusting blurs the distinction between conditionality and unconditionality (as alluded to in the article’s title). Finally, the discussion addresses links between trust, the university (as an institution), and the uni currency proposal, and situates Rob’s work within the heterodox and heterogeneous interdisciplinary academic, para-academic, and extra-academic field that is contemporary neochartalism.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com