Ben Bernanke, Janet Yellen and Jerome Powell have been replaced by aliens, talking bees and people dressed as ice cream cones.
These are the characters in the Federal Reserve Bank of New York's latest comic book which "illustrates the importance of monetary policy and the Federal Reserve’s key responsibilities through a tour of planets that need guidance in stabilizing prices, increasing employment, and developing a healthy economy." Following last week's speech snafu by New York Federal Reserve President John Williams, it's comically ironic that his office decided on this week to reintroduce the comic book series that they have published on-and-off since the 1950s.
While introducing children to finance is certainly beneficial, teaching them about monetary policy and the importance of the Fed is borderline brainwashing. Learning about personal finance such as savings, loans and credit cards is far more important than learning about the Fed's "key responsibilities." Maybe millennials wouldn’t be sitting on more than $1 trillion in student debt had they been properly educated.
After all, what exactly are the "key responsibilities" they can teach children? How they utilize monetary policy to drive assets higher, benefiting only the top slim percent of Americans who own them? Or how the PPT can intervene in moments of financial stress to save the markets? They even shared a clip of the comic books flying hot off the presses, which kind makes you wonder if these are the same printers used to print the dollars that have had the same purchasing power since 1978.
The New York Fed shouldn’t have a difficult time thinking of ideas for additional comic books. In case they do, some ideas for future comic book titles could be "Blowing Bubbles," "Whispering Sweet Nothings to Algos" and "Ramping Stocks at 3:30."
Get more Hipster Trader on Twitter @Hipster_Trader