by Peter Schiff, SchiffGold:
Whomever runs social media for the Federal Reserve learned a tough lesson about the cruelty of the internet this week.
The Fed’s Facebook page got wickedly trolled after the central bank posted a simple warning about potential scams.
The post seemed innocent enough. The Fed simply wanted to warn people about scammerssending out emails that claim to be from the Fed.
The very first comment gave a pretty good indication as to how this was going to go.
Whether it is or isn’t from the federal reserve the answer is yes…it is a scam.”
From there, people just piled on.
Everything from the Federal Reserve is a scam. I have more faith in emails from long lost Nigerian relatives.”
A few people took a more tongue-in-cheek approach.
I received a piece of paper with ‘federal reserve note’ written on it. Is it legit?”
Another reader took the opportunity to post an educational video.
Some commenters chimed in to chastise the poor Federal Reserve social media person, noting that the whole page was probably a bad idea.
Ha ha ha…..wow! This is just too easy FED. Whoever green lighted this story must have a great sense of humor.”
As of the writing of this article, there were over 100 posts. I didn’t see anybody defending the Fed.
Aside from offering a valuable lesson about the dangers of Facebook posting, the whole episode underscores a deeper truth. The Federal Reserve has very little credibility. It’s fiat money and financial manipulations have done significant damage to the economy. It has devalued currency, blown up asset bubbles, and manipulated interest rates.
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