4Chan plays racist Where's Wally to find the Boston bomber

There's enough misinformation coming from the traditional media itself over the bombings, but Reddit and 4Chan think they're helping.

The Boston bombings have an interesting quirk to them: the bomber, whoever they are, was almost certainly caught on camera at some point. And not just grainy CCTV footage, either. The blasts occurred during a worldwide media event, in a part of the course featured in blanket coverage. On top of that, a huge proportion of the photos of the marathon taken by individuals are now online as well, on Twitter, Instagram, Flickr and Facebook.

As a result, Reddit and 4Chan are on it. The two communities have begun poring over all the photos they can find, in an effort to spot the Boston bomber first and bring them to justice. The only problem is, with no idea what they're looking for, the whole thing has devolved into a sort of racist Where's Wally.

The archive of the first 4Chan thread on the topic – it calls itself the "ThinkTank" – has had over two million views on imgur, and the first image basically says it all:

 

BROWN

(That man, it turns out, is most likely law enforcement; his partner is visible next to him, and the two of them are standing with first responders in later pictures)

To be fair to them, not everyone focused on in the thread is brown. There's a white guy who's been picked up on because he's carrying a bag which looks like it might be the same type of bag that contained the bomb:

And another man, of indeterminate ethnicity, who's picked on because he started running away after the explosion (which seems a pretty understandable thing to do):

The subreddit, /r/findbostonbombers, which is devoted to the same thing is at least slightly more responsible. Threads are dedicated to confirming people as innocent, and highly up-voted posts call on the media not to spread images, remind redditors of the dangers of false accusations, and lay down pretty stiff rules of conduct.

But it's still clear that the community hopes to repeat earlier successes, as when a car used in a hit and run was identified from just the headlight, or when the site reported on the Aurora cinema shootings with a speed and depth which normal journalists would dream of. The problem is that this scenario is more difficult than the others – its unlikely the bomber was tweeting about their plans beforehand, or that they'll have used a bag which was uniquely identifiable – and that the widespread interest in the event vastly increases the damage done by a false positive, of which there are sure to be many.

The subreddit's rules clearly state "we do not condone vigilante justice" and "r/FindBostonBombers is a discussion forum, not a journalistic media outlet" – but when this many people are being associated with an act of terrorism, it takes more than that to stop damage being done. Already, one pair of men, who were fingered on the "evidence" that they were Arabic with backpacks, have been tracked down on Facebook only to be revealed as Moroccan-American runners from Massachusetts. That's been dutifully reported back to the subreddit, but the damage has already been done.

There's enough misinformation coming from the traditional media itself over the bombings. Reddit and 4Chan may think they're helping, but by flinging suspicion at innocent people with no real evidence, they're only spreading more rumours.

The worst thing, though? Given the sheer weight of numbers behind this, chances are someone has drawn a circle around the actual bomber and written "suspicious?!" in red text on it. And even though if you libel enough people, you're bound to be right at some point, we'll be subjected to endless headlines about "how Reddit caught the Boston bomber" – and the whole cycle will be reinforced.

Update

The two guys who Reddit fingered then backed down on are now being accused of being terrorists on the front page of one of America's biggest tabloids. If, as seems likely, they are entirely innocent, it will be interesting to see whether Reddit is directly responsible for starting that chain of misinformation.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Labour's investment bank plan could help fix our damaging financial system

The UK should learn from the success of a similar project in Germany.

Labour’s election manifesto has proved controversial, with the Tories and the right-wing media claiming it would take us back to the 1970s. But it contains at least one excellent idea which is certainly not out-dated and which would in fact help to address a key problem in our post-financial-crisis world.

Even setting aside the damage wrought by the 2008 crash, it’s clear the UK’s financial sector is not serving the real economy. The New Economics Foundation recently revealed that fewer than 10% of the total stock of UK bank loans are to non-financial and non-real estate businesses. The majority of their lending goes to other financial sector firms, insurance and pension funds, consumer finance, and commercial real estate.

Labour’s proposed UK Investment Bank would be a welcome antidote to a financial system that is too often damaging or simply useless. There are many successful examples of public development banks in the world’s fastest-growing economies, such as China and Korea. However, the UK can look closer to home for a suitable model: the KfW in Germany (not exactly a country known for ‘disastrous socialist policies’). With assets of over 500bn, the KfW is the world’s largest state-owned development bank when its size is measured as a percentage of GDP, and it is an institution from which the UK can draw much-needed lessons if it wishes to create a financial system more beneficial to the real economy.

Where does the money come from? Although KfW’s initial paid-up capital stems purely from public sources, it currently funds itself mainly through borrowing cheaply on the international capital markets with a federal government guarantee,  AA+ rating, and safe haven status for its public securities. With its own high ratings, the UK could easily follow this model, allowing its bank to borrow very cheaply. These activities would not add to the long-run public debt either: by definition an investment bank would invest in projects that would stimulate growth.

Aside from the obviously countercyclical role KfW played during the financial crisis, ramping up total business volume by over 40 per cent between 2007 and 2011 while UK banks became risk averse and caused a credit crunch, it also plays an important part in financing key sectors of the real economy that would otherwise have trouble accessing funds. This includes investment in research and innovation, and special programs for SMEs. Thanks to KfW, as well as an extensive network of regional and savings banks, fewer German SMEs report access to finance as a major problem than in comparator Euro area countries.

The Conservatives have talked a great deal about the need to rebalance the UK economy towards manufacturing. However, a real industrial policy needs more than just empty rhetoric: it needs finance. The KfW has historically played an important role in promoting German manufacturing, both at home and abroad, and to this day continues to provide finance to encourage the export of high-value-added German products

KfW works by on-lending most of its funds through the private banking system. This means that far from being the equivalent of a nationalisation, a public development bank can coexist without competing with the rest of the financial system. Like the UK, Germany has its share of large investment banks, some of which have caused massive instabilities. It is important to note that the establishment of a public bank would not have a negative effect on existing private banks, because in the short term, the UK will remain heavily dependent on financial services.

The main problem with Labour’s proposal is therefore not that too much of the financial sector will be publicly owned, but too little. Its proposed lending volume of £250bn over 10 years is small compared to the KfW’s total financing commitments of  750 billion over the past 10 years. Although the proposal is better than nothing, in order to be effective a public development bank will need to have sufficient scale.

Finally, although Brexit might make it marginally easier to establish the UK Investment Bank, because the country would no longer be constrained by EU State Aid Rules or the Maastricht criteria, it is worth remembering that KfW’s sizeable range of activities is perfectly legal under current EU rules.

So Europe cannot be blamed for holding back UK financial sector reform to date - the problem is simply a lack of political will in the current government. And with even key architects of 1980s financial liberalisation, such as the IMF and the economist Jeffrey Sachs, rethinking the role of the financial sector, isn’t it time Britain did the same?

Dr Natalya Naqvi is a research fellow at University College and the Blavatnik School of Government, University of Oxford, where she focuses on the role of the state and the financial sector in economic development

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