On the Media Trump's War on the Fed, Explained. Plus, How One School Teacher Stood Up to Putin.
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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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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.
Geopolitics Undermines Central Bank Era
- The global crisis and geopolitical volatility have eroded the conditions that justified central bank primacy.
- Blyth says today's messy geopolitics make steady, technocratic central banking less suited to the moment.
The Fed As The Visible Target
- Attacking the Fed is a powerful symbolic move because it's the most visible independent institution.
- Blyth likens undermining the Fed to beating up the leader in a prison to intimidate others.