So, the Federal Reserve is on Twitter now. I agree with Boing Boing that this is very much the wrong thing to do. Given the sensitivity of financial markets, communication coming out of The Fed should be as slow and measured as possible.
I wonder what kind of governance they have over this? In terms of financial damage that could be done, the password to The Fed’s Twitter account might be the most dangerous string of text in existence.
I read a book last year called Overconnected, which discussed the idea that lack of connectivity is better for several situations, financial markets being one. Remember the Flash Crash of 2010? This happened because so many people and computers are monitoring the financial markets, that any move in any direction can cascade into a financial disaster, turning innocent or inadvertent events into massive feedback loops that just snowball.
I would love to see the technical and organizational governance around this Twitter account. The potential for damage is ginormous.