Fucking Entertaining Big Lie. Origins: probable first publication was by David Galbraith, Scottish-born, New York based web-journalist (among other professions), on his video-blog Smashingtelly.com. Acronym was used as a category and the "FEBL Hall of Fame." The phrase describes certain ideas, concepts, organizations, etc., that involve lots of exaggerated claims or grandstanding that otherwise have no basis in reality. The implication is that proponents know it's a lie, but can also be used in cases of pure ignorance. The acronym is pronounced like the word "feeble," giving it a double meaning, as feeble, by definition, is something that's unconvincing or weak.
Joining the FEBL Hall of Fame, today, we have Primal Therapy, Intelligent Design, and Gary Null's anti-vaccination propaganda.