You probably know that the primary responsibility of the Federal Reserve is managing the monetary policy of the United States.
There are, of course, some people who do not know this. A 2014 survey by the Pew Research found that 73 percent of Americans had a basic understanding of the Fed’s purpose—meaning just over a quarter of the population is the dark about our central bank.
And apparently, a few of those dwellers in darkness were recently commissioned to write an op-ed for Teen Vogue with the title “What Is the Federal Reserve and Why Does It Matter?”
It manages to answer neither question correctly.
In fact, the phrase “monetary policy” does not appear in the article at all. There’s no reference to the money supply or interest rates. There’s only a passing reference to bank supervision. Nothing at all about containing systemic risk. Or fostering an efficient and