On the Media

Trump's War on the Fed, Explained. Plus, How One School Teacher Stood Up to Putin.

43 snips
Jan 17, 2026
Mark Blyth, a Professor of International Economics at Brown University, dives into the Trump administration's influence on the Federal Reserve, exploring the complexities of central bank independence and the consequences of populist pressures. David Borenstein, co-director of the documentary about Russian school propaganda, shares harrowing tales of teachers' compliance and small acts of rebellion against state indoctrination amid intense surveillance. Together, they illuminate the urgent issues surrounding power, education, and the fight for truth.
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INSIGHT

Short-Term Control, Long-Term Limits

  • The Fed controls short-term rates but lacks full control of long-term borrowing costs.
  • Long-term rates depend on buyers' confidence, not just central bank actions.
INSIGHT

Money Mostly Comes From Commercial Banks

  • Most money in modern economies originates from commercial bank lending, not central bank printing.
  • Blyth cites estimates showing central bank-issued cash is a tiny share of overall money supply.
INSIGHT

Independence Was Built, Not Born

  • U.S. Fed independence was established gradually, notably after the 1951 Fed-Treasury Accord.
  • The Fed's dual mandate (inflation and employment) always made pure independence a partial myth.
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