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The Bank of England to Monitor Social Networks

posted by n1 on Tuesday December 30 2014, @02:42AM   Printer-friendly
from the tea-leaves-confirm-it dept.

AnonTechie writes with an article from Gizmodo:

The world's eighth oldest bank is joining the modern age. From 2015, it will monitor social networks and mine them for information and early signs of economic ups and downs.

The Bank [of England] is setting up a new taskforce that will investigate how it can use all kinds of new data — because it believes it will be more timely than current, official streams of information. In particular, it's mentioned that it will measure the frequency of job searches to understand potential unemployment rates and monitor online shopping prices to assess inflation.

The special team, set up by the Bank's chief economist, Andy Haldane, has been charged with exploring how new unconventional sources of data could improve its picture of Britain's recovery.

[Source]: http://news.sky.com/story/1397985/bank-of-england-to-monitor-social-networks

 
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  • (Score: 0) by Anonymous Coward on Tuesday December 30 2014, @05:52PM

    by Anonymous Coward on Tuesday December 30 2014, @05:52PM (#130261)

    Well, I was looking to hire someone to plunge the world into a darkness of poor economics, but it appears I need only wait in order to get it for free. Patience is a virtue!

  • (Score: 2) by davester666 on Wednesday December 31 2014, @08:22AM

    by davester666 (155) on Wednesday December 31 2014, @08:22AM (#130468)

    Dammit. I am NOT going to work for free! I'm just going to sit here and collect UI until you actually pay me to destroy the world's economic system.