On the Media – “Trump’s War on the Fed, Explained. Plus, How One School Teacher Stood Up to Putin.”

Podcast: On the Media (WNYC Studios)
Hosts: Brooke Gladstone
Guests: Mark Blythe (Brown University), Pasha Telenkin (focal subject of “Mr. Nobody Against Putin”), David Borenstein (documentary co-director)
Date: January 17, 2026

Episode Overview

This episode tackles two central threads:

1. The politicization of the Federal Reserve under the Trump administration, analyzing the media narratives and the real power of the Fed.
2. The story behind the documentary “Mr. Nobody Against Putin,” which chronicles how Russian schools have become propaganda tools and the remarkable resistance of a schoolteacher quietly pushing back.

The episode explores themes of institutional independence, autocracy, propaganda, and individual agency, offering context and cautious analysis rather than hot takes.

Section 1: Trump’s “War” on the Federal Reserve

Introduction and Media Context

• The Trump administration has initiated a criminal investigation against Federal Reserve Chairman Jerome Powell, ostensibly linked to Senate testimony about a costly renovation ([01:39]).
• Powell responds publicly, defending the Fed’s independence:

  “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what serves the public rather than following the preferences of the president.” – Jerome Powell, paraphrased ([02:00])

How Does the Fed Actually Work?

• Brooke Gladstone and Mark Blythe explain:

  • Central banks set short-term interest rates, but long-term rates (the 'curve') depend on the confidence of global bond buyers ([03:08-03:50]).
  • Discussion of the proposed Trump-era 10% cap on credit card interest:

    “If we are asked to lend money... we need to get compensated for that risk and the banks go, well, there’ll just be less credit.” – Mark Blythe ([04:15-04:22])

• Blythe makes clear:

  “The vast majority of cash... is not anything that comes from the central bank. It’s actually just commercial bank loans.” ([04:35])

Historical Context and Independence is a “Myth”

• Blythe traces Fed history:
  • U.S. Fed only established in 1913, gained independence in 1951.
  • Independence always partial:

    “The notion that you’re completely independent has always been a bit of a myth.” ([05:17-06:45])

  • In the ’80s-’90s, the Fed’s reputation for controlling inflation peaked; independence became dogma.

The World is Different Now

• U.S. (and global) politics have shifted. Central banks are less revered and more politicized:

  “You’re focusing on short term interest rates and central bank independence. It’s like the whole house is burning down and you’re worrying about your favorite rug.” – Mark Blythe ([08:14])

• Independence is giving way to “operational control,” but the world is more volatile and less responsive to old certainties ([08:51]).

The Authoritarian/Power Play & “Distraction” Narratives

• Trump’s antagonism toward Powell may be:
  1. Part of a global trend undermining central bank independence (e.g., Turkey’s Erdogan – disastrous results; ([09:29])).
  2. A power play:

     “If you push this over and put your yes man in charge, you’re signaling to every other independent agency in the government – you will now do what I say.” ([12:19])

     • “It’s like going into the prison and beating up the big guy.” – Gladstone/Blythe ([00:25], repeated at [12:33])
  3. A distraction from other issues:

     “It’s flood the zone.” ([13:17])

The Real Power of the Fed, and What Matters

• Blythe cautions not to overstate the Fed’s role:

  “The mistake that we made, if we made a mistake, was to basically treat these guys as the masters of the universe and they’re not.” ([16:08])

• The truly impactful issues remain unaddressed:

  “Groceries are up 20% from where they started at the beginning of the pandemic and they’re not coming down... [cutting interest rates] isn’t going to make the price of carrots any different.” ([15:38][15:41])

Blythe’s Conclusion

• “Independent central banks, you can’t live with them, you can’t live without them... The mistake that we made... was to basically treat these guys as the masters of the universe and they’re not.” ([16:08-16:40])

Section 2: “Mr. Nobody Against Putin” – Resisting Propaganda from Within

The Story of Pasha Telenkin

What Changed After February 2022

• Pasha was the school “AV guy” who loved his role in bringing creativity to the largest primary school in Karabash, a polluted, isolated Russian town ([20:31-21:25]).
• After the Ukraine invasion, drastic changes hit:

  “All of the directives started arriving at school with literally scripts for every class and what the teacher should say...” – Pasha ([22:04])

The Mechanics of Surveillance and Propaganda

• Teachers were required to read from state-provided scripts, and Pasha had to film evidence of compliance ([22:21-24:11]).
• He resisted in subtle ways by falsifying the video archive and observing that nobody noticed (revealing the empty performativity of state oversight).

“I realized that I was there to be the government. This signal for the teachers, watch out, we’re here watching you.” – Pasha ([24:25])

Motivation: Family History and Moral Duty

• Pasha shares a personal story about recording his mother’s testimony regarding their ancestors persecuted by Stalin:

  “I just felt this compulsion to just do something... there are all these kids around me... when they saw all of that, it was like a signal to them that the school is not completely lost...” ([24:57-26:43])

• Acts of resistance—blaring Lady Gaga’s version of the anthem, displaying the American flag—were signals to students (and the community) that “you are not alone” ([26:43-27:19]).

Going Public and Facing Danger

• Pasha’s frustration boiled over; he responded to a casting call, condemning the required propaganda:

  “I am a teacher forced to do the exact opposite of what a teacher should do.” ([27:19-27:51])

• Working with foreign filmmakers was a massive risk, but he felt he owed it to his students and his family legacy ([28:28-29:15]).

Life in Karabash – Love and Loss

• Emotional farewell to the poisoned but beloved home:

  “A turtle can’t help but love its shell... there are so many birds that sing so beautifully. ... I have to say, the people there, they love me too.” – Pasha ([35:11-36:06])

Impact of the Documentary

• Pasha describes mixed local reactions to the film: some parents were shocked—“we had no idea about what the content of those lessons were”—while others expressed deep sorrow:

  “My old teacher came to my mom and said, I watched it. And I wept and I wept and I wept.” ([36:08])

• Ultimately, no one in the town would collaborate with Russian state TV to denounce Pasha, illustrating quiet communal solidarity ([36:08-37:05]).

Pasha’s Final Message

“Look what awaits you if you are apolitical, if you are weak, if you give in to self-censorship... From your school desk to your grave is only one step.” ([37:19])

Section 3: Filmmaker’s Perspective – David Borenstein

How the Film Was Made

• Borenstein collaborated with Pasha for two years, receiving daily uploads on an encrypted server ([42:39]).

• He notes the creeping normalization of absurdity and brutality under authoritarianism ([43:14-44:35]):

  “...I had seen so much propaganda content... that I actually didn’t recognize [the Wagner Group footage] as something unbelievable... I couldn’t even recognize that as ridiculous anymore.” – David Borenstein ([43:32])

• The film is a joint directorship:

  “What is beautiful about this film to me is that it is a co-directorship, a collaboration between me... and Pasha, the schoolteacher... Pasha’s goal was political, he wanted to show the world what was happening in his school. But my job was to find a way to tell that as a story.” ([46:09-46:41])

Security and Trust

• Security concerns (BBC assisted) made collaboration challenging:

  “Imagine this relationship where you are putting your life on the line, filming things, uploading them every day. But it’s a one way relationship... That is difficult.” ([48:10])

• When Pasha finally saw the finished cut:

  “David, I was 50% certain this whole thing was a scam.” – Pasha via David Borenstein ([49:13-49:24])

The Nature of Russian Propaganda

• Contrasting Propaganda:

  “In China... the propaganda is designed to convince. In Russia... It is about making you do stupid and absurd things so many times that you become too cynical to resist.” – Borenstein ([49:34-50:40])

Humanizing the Story

• Despite the darkness, much of Pasha’s footage is heartwarming; Borenstein was moved by a self-shot interview in which Pasha lists all he loves about his poisoned hometown, disproving any notion that he simply wanted to escape ([44:45-45:54]).

• The film avoids condemning or shaming all citizens, focusing instead on credible personal narratives and expressive but cautious resistance ([47:46]).

Hope and Vulnerability

• Not all in the town were complicit; some supported or defended Pasha after seeing the documentary.
• Even a regime-boosting history teacher responded kindly when wished a happy birthday ([52:01]).
• The film is both a warning against complacency and a celebration of small acts of agency ([37:19]).

Notable Quotes (with Timestamps)

• “It’s like going into the prison and beating up the big guy.” – Brooke Gladstone & Mark Blythe ([00:25], [12:33])
• “There’s a way in which people talk about this stuff in the United States where it’s like people who watch the West Wing and wish they lived in that world. You don’t live in that world. That world does not exist.” – Mark Blythe ([08:29])
• “The mistake that we made... was to basically treat these guys [central bankers] as the masters of the universe and they’re not.” – Mark Blythe ([16:08])
• “A turtle can’t help but love its shell.” – Pasha Telenkin ([35:11])
• “In Russia... propaganda is about making you do stupid and absurd things so many times that you become too cynical to resist.” – David Borenstein ([49:34-50:40])
• “Look what awaits you if you are apolitical, if you are weak, if you give in to self censorship.” – Pasha Telenkin ([37:19])
• “David, I was 50% certain this whole thing was a scam.” – Pasha Telenkin (via Borenstein, [49:13])

Key Timestamps for Important Segments

• 00:22 – 16:40: Mark Blythe on the Fed, central bank history, and the Trump investigation.
• 18:31 – 37:58: Pasha Telenkin recounts his personal and professional journey, resistance strategies, and reflections on Karabash.
• 39:53 – 53:18: David Borenstein on making the documentary, the structure of Russian propaganda, and collaboration challenges.

Tone & Style

The tone is measured, analytical, and quietly urgent. Gladstone’s style is inquisitive and empathetic; Blythe is incisive, wry, and context-driven; Pasha is reflective, candid, and deeply humane; Borenstein is thoughtful and precise, with a focus on both technical and emotional truths.

Final Takeaway

This episode uses expert analysis and first-person testimony to demystify the Fed's real power (and overrated independence) in U.S. politics, while offering a powerful human narrative of resistance to authoritarian propaganda. Both stories point to the limits of institutions—and the importance of personal agency and persistence, even under immense pressure.