Flashback 1998.
Minneapolis Federal Reserve Bank is upset with lack of economic knowledge of America's high school students according to surveys:
Although most high school students were ignorant of what monetary policy was, they were quite willing to give their opinion on this monetary policy question: Who should set monetary policy? Should it be: (a) the President; (b) the Congress; (c) the Federal Reserve; or (d) the United States Treasury? This issue is important because it determines whether there will be an independent central bank, isolated from direct political pressure, that can effectively control the money supply and maintain price stability. Only 16 percent of youth thought the Federal Reserve should be responsible for setting monetary policy.
You'll notice the Fed doesn't want high school students to think about not having a central bank like the era between
1837 and 1913 when economic growth was much higher than we have today. Check out how much more stable interest rates were
without a central bank.
