Trolls Feed Off Fed's Facebook Foray

[MikeWB]

America's central bank is trying to make friends on social media, with mixed results.

By Andrew Soergel | Economy Reporter Aug. 25, 2016, at 6:00 p.m.



As Federal Reserve officials enjoy a few days in scenic Jackson Hole, Wyoming, for their annual international banking conference, they may be wise to keep any outdoor adventure photos off the Fed's new Facebook page.

Otherwise, they risk feeding an impassioned group of trolls that have more or less claimed the verified, week-old page as their own.

With the best of intentions, the Fed's board of governors last week announced in a charmingly wonkish press release that it was launching a Facebook page, "with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content."

The move allowed the Fed to follow in the footsteps of the U.S. Treasury Department and the Consumer Financial Protection Bureau – both of which are often maligned, particularly by those on the right, but have established themselves on social media outlets like Facebook and Twitter.
RELATED CONTENT
United States Federal Reserve Building in Washington, D.C.
Does the Fed Need a Facelift?

The Fed page – perhaps not so searcher-friendly, as it's listed as the Facebook home of the "Board of Governors of the Federal Reserve System" – has attracted more than 13,000 likes. But things (namely, comment threads) soon went awry, as those frustrated with the Fed quickly took to the page to express their displeasure.

"Can you guys please help me get some of that QE? I'm trying to buy 16 cars, 4 houses, 2 jets and a yacht," reads one comment that had garnered more than 440 likes as of Thursday afternoon, referencing the controversial quantitative easing policy the Fed launched in the aftermath of the Great Recession.

"Quick question! I'm a noob at this, but I'm trying to take over a country through monetary enslavement and currency destruction... Any pointers?" reads another, which had attracted more than 2,500 likes by Thursday.

The Fed's seemingly unprompted launch of an official Facebook page has raised eyebrows, as more passive observers questioned what the Fed hoped to gain by establishing a social media presence, while more ardent opponents seized on the opportunity to attack those in charge at the central bank.
RELATED CONTENT
Commuters waiting for a train on in the DC Metro.
Playing Politics With the Job Market

Former Rep. Ron Paul, R-Texas, for example, dedicated nearly half an hour of an internet broadcast last week to discuss "what you won't find on the Fed's Facebook page." Among the bullet points discussed was "that the Fed actually rewards failure" and "that they are the cause of the economic booms and busts."

"We still believe strongly that we should end the Fed," Paul said in a broadcast of his "Liberty Report" Friday. "We shouldn't even have the Fed. But if we have it, we should know what they're doing."

Indeed, the political chorus for transparency at the Fed has grown increasingly loud in recent years, as Republicans have led efforts to "audit the Fed" and broaden congressional oversight of the central bank, while Democrats have argued that the Fed and its regional banks should become public institutions with less opaque appointment processes.

The Fed's recent Facebook posts suggest the central bank is paying attention to its critics. One post acknowledges that bank officials "are often asked, 'Who owns the Federal Reserve?'" Another states that "a common misconception about the Federal Reserve System is that we are not subject to audit," as it delves into the government bodies to which the Fed is accountable.
RELATED CONTENT
PHILADELPHIA, PA - JUNE 6: Federal Reserve Chair Janet L. Yellen delivers a speech on economic outlook and monetary policy on June 6, 2016 in Philadelphia, Pennsylvania. Today is the last time Ms. Yellen will speak publicly before the blackout period preceding the Federal Open Market Committee meeting on June 15, 2016. (Photo by Jessica Kourkounis/Getty Images)
Fed Minutes Show Rate Hike Momentum as Next Meeting Looms

But even these explainers have been subject to internet sarcasm and scrutiny.

"Thank you for this incredible insight to what you are subject to but have not done. Incredible work over there at the Fed," reads one comment.

"Hahahahahahahahahahahahahahahahahahahahahahahaha! What a joke!" reads another.

The body's foray into the Facebook world was likely drawn up to give it a more public presence, and is perhaps a partial effort to mollify critics by being more open and transparent. And yet, as evidenced, the central bank's first week on social media has been anything but smooth – even spawning a parody account.

To that end, if one searches for "The Board of Governors of the Federal Reserve System" instead of "Board of Governors of the Federal Reserve System," he or she will be directed to a page with a post that refers to the Fed as "a group of banks running a national counterfeiting operation with the protection of the government."

The post then links readers to the End the Fed campaign's website.