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Lea Bahner Thursday Yes, I agree, the mass media does fail in that area, as these are important people with important jobs, people need to be better informed about them. As for the gold backing, I agree with you. Whether it be gold or assets, having some kind of back up is probably a good idea. I also like your point about inflation. As we add more money, the money that exists isn't worth quite as much. It's a never-ending cycle. But if we were to restrict that, it may help. What do you think the short- and long-term effects/consequences of restricting printing money would be? Reply Jessica Frydenlund Thursday It seems like almost everybody does not know who Janet Yellen and Jerome Powell are. I agree that it is the providers of that communication failing to educate people on these individuals and what they do. I also agree that having a central bank to restrict the amount of dollars not backed up. I think it is important for managing things like inflation and economic stability as well. I think that not having a central bank to keep everything in check would just result in a bunch of problems. What do you think would happen if there was no central bank? Reply Jillian Knoll Yesterday Hello I definitely agree that mass media communication is largely responsible for the lack of information spread about the U.S. economy and figures like Yellen and Powell. I believe another aspect is education failures in public schools. I know some high schools require an economics class to graduate, like Oak Harbor High School, but I do wish high school curriculum went more in depth on topics like these. It can be controversial, but I believe incorporating current events into curriculum would be very beneficial for students at that level. It would spur thoughtful discussion and debate in classrooms and would encourage students to actively participate in the U.S. democracy. What are your thoughts on the public school system? Have you had any similar experiences in your career as a student?1. Before reading the necessary material, I was unfamiliar with the names Janet Yellen and Jerome Powell, thus I learnt about them for the first time. Despite this, the only way I was familiar with either of them was through photographs I had seen of them. I feel that the lack of their names and images in any of the information I've received from the mass media is due to the providers of that communication failing to educate me about these persons and the function they play in the economy. This is why their names and images haven't appeared in any of the material I've gleaned from the media. 2. Given the needed economics reading and any other information I may have, I feel it would be advantageous to have a central bank restrict the amount of dollars that are not backed by gold or any other asset. This is something I agree with. As a result, the Federal Reserve can manage inflation and ensure economic stability. The most common cause of inflation is an increase in the money supply. However, there are several other drivers of inflation. When a central bank, such as the Federal Reserve (or any other central bank), issues new money, the value of each dollar now in circulation falls. The reason for this is that there is now more money competing for the same amount of items and services, causing prices to rise. The central bank is important in the economy since it is in charge of managing the quantity of money accessible. The money supply is the amount of money that is currently in circulation. The central bank can change the amount of money in circulation by creating more money or destroying money that is already in circulation