The MAGA movement scores big wins by taking cheap shots at experts. Now, some worry that Donald Trump could try to oust Federal Reserve Chairman Jerome Powell. The typical centrist position is to defend the supposedly impartial, apolitical expertise of such figures. Yet, we know that is not exactly right. Is there a better way to imagine a better bank?

In our first segment, we speak with Frances Coppala, author of The Case for People’s Quantitative Easing. It’s something of a case study in Fed politics, revealing how their decisions post-Global Financial Crisis served the rich, and not working people.

Yet, saying that these experts are political does not mean we have to be hyper-partisan reactionary hacks. Instead, democratizing the bank could offer a better way forward. That’s according to Annelise Riles, a professor of law and of anthropology, and author of the book Financial Citizenship: Experts, Publics, and the Politics of Central Banking. Riles is also host the Foreign Policy podcast Everyday Ambassador, which its new second season out now. What would democratizing the Fed look like, and would that really counter the powerful financial interests that have so thoroughly captured the institution?

Programming Note: This is the final episode of Use & Abuse of Economic Expertise, a season that tells stories of the political and scholarly battles behind the economic ideas that shape our world. For a full list of credits, and for the rest of the episodes, visit the series page. We will back with a new season focussed on environmental politics in early 2025, so make sure you are subscribed to our podcast (Apple, Spotify, manual RSS).

Episode #4: The Secret Life of Central Bankers