by Carey Wedler, August 20th 2016
The Federal Reserve bank is well known for its secrecy. But in an attempt to reach out to the people it claims to serve, the monolithic bank just created a Facebook page . . . and it’s probably really regretting that decision.
Unlike Twitter, where the Fed decides which comments to reply to — and, therefore, which show up publicly on its page — its public Facebook page, launched Thursday morning, is not as restrictive. In fact, the Board of Governors of the Federal Reserve System page has been relentlessly trolled since it went up.
The Federal Reserve bank was originally crafted largely by bankers, including JPMorgan Chase & Co. It has never been fully audited since the Federal Reserve Act was passed in 1913, yet it enjoys an omnipresent status in the United States. As the Fed’s Facebook page points out, “Over the years, its role in banking and the economy has expanded.”
People have protested the banking institution since it was created, but it remains one of the best-guarded, most opaque institutions in the country.
A congressionally mandated audit by the Government Accountability Office in 2011 found the Fed had loaned out $16 trillion dollars to big banks around the world. As noted by Senator Bernie Sanders at the time, “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Sanders’s press release highlighted a more specific conflict of interest:
For example, the CEO of JPMorgan Chase served on the New York Fed’s board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JPMorgan Chase served as one of the clearing banks for the Fed’s emergency lending programs.
In 2012, the Federal Reserve earned $80 billion in profits. The gap between rich and poor in America had already grown substantially in the preceding years. At least one official from the St. Louis branch of the bank admitted the Fed’s signature policy of quantitative easinghad failed to help the recovery.
Lawmakers like former congressman Ron Paul have long fought to make the Fed more transparent and to hold it accountable. Paul has always challenged its fundamental authority, taking the more extreme stance that rather than auditing the fed, we should end it. Others have stopped short of terminating the bank, but still advocate more openness and vigilance over the private institution.
If the comments on the Fed’s new Facebook page are any indicator, many people harbor similar sentiments.
In response to the Fed’s statement that it helps “make decisions that help promote the health of the U.S. economy and the stability of the U.S. financial system,” one commenter sarcastically asked:
Commenters on other posts hurled further critiques of the Fed. One challenged the popular notion that the bank is a branch of the government (it isn’t, though it was created and granted authority by government).
Other comments spoke to the Fed’s broader policies:
Many criticized Janet Yellen, the current chair of the Federal Reserve who campaigned aggressively against a full audit of the bank:
Still others kept it simple and to the point:
And, of course, some criticized the Fed’s decision to join Facebook:
At the time of this article’s publication, the Federal Reserve has not responded to any of the comments, though in light of its reputation for secrecy, it gets marginal credit for not deleting them.
This article (The Federal Reserve Just Made a Facebook Page… And It’s Getting Destroyed by Trolls) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Carey Wedler and theAntiMedia.org. Anti-Media Radio airs weeknights at 11 pm Eastern/8 pm Pacific. If you spot a typo, please email the error and name of the article to [email protected].
Ron Paul Celebrates His 81st Birthday By Trolling the Federal Reserve’s New Facebook Page
by Matt Agorist, August 20th 2016
Few people in modern history have spawned an awakening of the masses like former Congressman, Dr. Ron Paul. Throughout his tenure in Congress, Ron Paul was known as ‘Dr. No’ because he voted on 100% principal. Unlike any of his peers, Ron Paul was often the single ‘no’ vote on many issues. He never voted for wars, or to advance the police state, or to bailout big banks and corporations. He was a true hero to freedom.
One of Ron Paul’s most defining moments of his career was waking people up to the corrupt history of the Federal Reserve and the problems this privately owned central bank causes throughout the world. He even wrote a book about it, while he was still in Congress, titled, End the Fed.
Saturday is Ron Paul’s birthday. He turns 81-years-old.
Coincidentally, in one epic fail of a PR move, the Federal Reserve created a Facebook presence on August 18. They were immediately met with thousands of comments from an army of trolls.
And, in his unwavering and relentless pursuit of liberty and justice, Ron Paul devoted his show on the eve of his birthday to tearing it down too.
Ron Paul and his guest went over all the things you won’t find on the Fed’s Facebook page.
During the show, Paul explained how the Federal Reserve is an outfit designed to manipulate the currency to benefit its special interests of big banks and corrupt politicians.
Ron Paul’s knowledge and ability to relay that knowledge to the people is what set him apart from the rest.
“Imagine an irresponsible teenager with an unlimited line of credit. The parents, teachers, pastors, and authorities in his life are ultimately powerless to change his habits. Now imagine that teenager armed to the teeth and also immune even from the rule of law. This is what you have with a government backed by a central bank.”
Happy Birthday Ron Paul and thank you for never compromising on your principals.
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