This episode of "The Divided Dial" delves into the battle for the future of shortwave radio between pirate broadcasters and the Shortwave Modernization Coalition, a group of Wall Street firms seeking to use shortwave frequencies for high-speed financial trading. The host, Katie Thornton, explores the history and potential of shortwave radio, highlighting the clash between its traditional use for broadcasting and the emerging interest in its capabilities for data transmission. The episode further examines the implications of privatizing the electromagnetic spectrum, a public resource, for private gain, and discusses potential resistance from shortwave enthusiasts and pirate radio operators.