Maybe it was inevitable: X, Facebook, YouTube, Flickr, LinkedIn, Threads and now Instagram. The Federal Reserve has embraced social media of the 21st century. Fed Chair Jerome Powell recently posted a video introducing himself as “Jay,” perhaps to lend street cred to a younger audience. He follows by providing details about the organization.
The Fed is America’s central bank, working to promote a healthy economy and strong financial system.
Jay claims:
That mission starts with you.
Timing couldn’t have been better. The month of October is “National Economic Education Month,” meaning the Fed will likely have lots more videos to come. Nothing of the Austrian school will be mentioned, as the system isn’t set up that way.
Nonetheless, Powell promises to provide further details “this month and beyond” as to:
… how Fed decisions affect you, your family and your community.
There are now five posts on Instagram, one featuring Jay, sleeves rolled-up, as he meets with the locals of Pennsylvania. While this may resemble election campaign promotion and propaganda, at least the descriptions are written in the third person, avoiding pretense that he’s in control of the account.
His photo reads:
Chair Powell heard from workers, small business owners, local employers, and community leaders in York, PA about revitalization initiatives, workforce education and training programs, and support for small business growth.
Social media has become a hallmark of society, with the youth being its most engaged users. In an era characterized by short attention spans (and where everyone can get their fifteen minutes of fame) it’s difficult to imagine how the younger generation would take an interest in anything regarding Jerome “Jay” Powell.
Luckily, there is a silver lining for inquisitive minds yearning to understand who wields power, why prices are soaring, and the cost of living rises year after year. To a young person, a 70-year-old multimillionaire leading an organization that literally creates money out of thin air while changing interest rates by decree should not be seen as an ally.
Contrary to what the Fed might want to portray, there are little to no commonalities Jerome Powell, his peers, and the institution known as the Federal Reserve have with most Americans.
The US Government is largely funded by an organization of unelected individuals with Powell at the helm, the same US Government who reached $33 trillion in debt several weeks ago, only to reach $33.5 trillion over the weekend. It is also the same US Government who perpetuates the war on drugs, poverty, civil liberties, the family unit, as well as funding the war in Ukraine.
In addition to enabling Uncle Sam, the Fed keeps insolvent banks afloat, and continuously bails out the largest corporations in the world via inflation of the money supply. Central bank policies, inflation as public policy, and the inevitable outcomes of market intervention are well documented, overwhelmingly favoring a handful of private actors at the public’s expense.
It’s difficult to imagine the inquisitive and justifiably skeptical youth believing the Fed “has their back.” Hopefully, if the Fed continues to engage with social media, it will open more eyes and ears, bringing an organization and its methods, largely unknown to many, to the forefront of a new generation.
For now, the public can leave messages on the Fed’s Instagram channel. Feel free to post your thoughts or simply browse the comments. In fact, I encourage you to do so.
