Submission + - Federal Reserve wants TIA (zerohedge.com)
" The creation of a "Social Listening Platform" whose function is to "gather data from various social media outlets and news sources." It will "monitor billions of conversations and generate text analytics based on predefined criteria." The Fed's desired product should be able to "determine the sentiment [ED:LOL] of a speaker or writer with respect to some topic or document"... "The solution must be able to gather data from the primary social media platforms – Facebook, Twitter, Blogs, Forums and YouTube. It should also be able to aggregate data from various media outlets such as: CNN, WSJ, Factiva etc." Most importantly, the "Listening Platform" should be able to "Handle crisis situations, Continuously monitor conversations, and Identify and reach out to key bloggers and influencers."
Note that the Federal Reserve is a private entity, not a branch of the US Government, so that the strictures that impeded similar earlier efforts by the FBI and the NSA may not apply.
As the RFP was issued Sept 16 with proposals due Sept 26, it may be assumed that this topic has been under discussion with industry for some time.
Is the management of the country's money helped by a global monitoring system such as this? Is it even feasible? It certainly seems a novel initiative for a Central Bank.