Last August, the Federal Reserve came face-to-face with an army of trolls when it launched a public Facebook page, but whoever runs their social media doesn’t appear to have learned much from the debacle. Last week, the loathed central bank attempted to advise its followers on detecting scams, and it didn’t go well.
Apparently, scammers attempt to swindle unsuspecting individuals by claiming to represent the Federal Reserve, so the bank decided to offer up some advice.
“Fed FAQ: I received a suspicious-looking e-mail that claims to be from the Federal Reserve. Is it a scam?” the Fed’s official Facebook asked before linking users to an official guideline.
Unfortunately for the page’s social media manager, its followers had responses ready to go, and nearly all of them bluntly contended that the Fed, itself, is a scam.
The Federal Reserve bank was created in 1913 after members of the financial industry crafted legislation to implement a central bank in the United States. Following a few modifications from concerned lawmakers, Congress passed the bill, ultimately empowering bankers to control the economy by giving them discretion over the money supply. To this day, the Fed is criticized for everything from quantitative easing to its fiat status (there is no hard commodity backing up the value of the paper currency) and its cozy ties with powerful finance hegemons like Goldman Sachs. Though it undergoes partial audits, current Fed director Janet Yellen has resisted any full investigation.
Many Americans are skeptical of the Fed’s seemingly omnipotent power, and this pushback was thoroughly reflected in the comments responding to the Fed’s post about scams. Many got straight to the point:
Others added a little flare:
Some couldn’t help but point out the Fed’s ill-fated decision to bring up scams in the first place:
Others focused on solutions, like the rise of cryptocurrencies such as Bitcoin, which is independent of the established central banking system:
To the Fed’s credit, they have not removed the post. Even so, the bank’s historical lack of transparencyand continued control over the nation’s money supply continues to be a point of contention for countless individuals, including lawmakers from both sides of the aisle, like Sen. Bernie Sanders, Sen. Rand Paul, and former Congressman Ron Paul.
Though President Trump intimated on the campaign trail that he would be open to auditing the Federal Reserve, he went on to appoint members of the financial industry to work in his administration, and it is unclear whether he intends to pursue any further action to hold the bank accountable. Until that happens, it appears the internet’s trolls are our best hope.