The Federal Reserve wants to know what you are saying about it. In fact, the Federal Reserve has announced plans to identify “key bloggers” and to monitor “billions of conversations” about the Fed on Facebook, Twitter, forums and blogs. This is yet another sign that the alternative media is having a dramatic impact. As first reported on Zero Hedge, the Federal Reserve Bank of New York has issued a “Request for Proposal” to suppliers who may be interested in participating in the development of a “Sentiment Analysis And Social Media Monitoring Solution”. In other words, the Federal Reserve wants to develop a highly sophisticated system that will gather everything that you and I say about the Federal Reserve on the Internet and that will analyze what our feelings about the Fed are. Obviously, any “positive” feelings about the Fed would not be a problem. What they really want to do is to gather information on everyone that views the Federal Reserve negatively. It is unclear how they plan to use this information once they have it, but considering how many alternative media sources have been shut down lately, this is obviously a very troubling sign.
You can read this “Request for Proposal” right here. Posted below are some of the key quotes from the document (in bold) with some of my own commentary in between the quotes….
“The intent is to establish a fair and equitable partnership with a market leader who will who gather data from various social media outlets and news sources and provide applicable reporting to FRBNY. This Request for Proposal (“RFP”) was created in an effort to support FRBNY’s Social Media Listening Platforms initiative.”
A system like this is not cheap. Apparently the Federal Reserve Bank of New York believes that gathering all of this information is very important. In recent years, criticism of the Federal Reserve has become very intense, and most of this criticism has been coming from the Internet. It has gotten to the point where the Federal Reserve Bank of New York has decided that it had better listen to what is being said and find out who is saying it.
“Social media listening platforms are solutions that gather data from various social media outlets and news sources. They monitor billions of conversations and generate text analytics based on predefined criteria. They can also determine the sentiment of a speaker or writer with respect to some topic or document.”
The Federal Reserve Bank of New York intends to listen in on “billions of conversations” and to actually determine the “sentiment” of those that are participating in those conversations.
Of course it will be those conversations that are “negative” about the Federal Reserve that will be setting off the alarm bells.
“Identify and reach out to key bloggers and influencers”
Uh oh. So they plan to “identify” key bloggers and influencers?
What exactly do they plan to do once they “identify” them?
“The solution must be able to gather data from the primary social media platforms –Facebook, Twitter, Blogs, Forums and YouTube.”
Hopefully you understand this already, but nothing posted on the Internet is ever anonymous. Everything on the Internet is gathered by a vast host of organizations and is used for a wide variety of purposes. Data mining has become a billion dollar industry, and it is only going to keep growing.
You may think that you are “anonymous” when you criticize organizations like the Fed, but the truth is that if you are loud enough they will see it and they will make a record of it.
“The solution must provide real-time monitoring of relevant conversations. It should provide sentiment analysis (positive, negative or neutral) around key conversational topics.”
Why do they need to perform “sentiment analysis”?
If someone is identified as being overly “negative” about the Fed, what will they do about it?
“The solution should provide an alerting mechanism that automatically sends out reports or notifications based a predefined trigger.”
This sounds very much like the kind of “keyword” intelligence gathering systems that are currently in use by major governments around the globe.