Warning! Big Tech might be drawn into a too close too dangerous for us relation with Big Brother.

Sir, Ms. Rana Foroohar writes: “Whatever their size, the winning companies will be those that are profitable. That may sound obvious, but it hasn’t been for the past decade, as easy money has dulled investor senses.” “Activist’s critique of M&A is right” September 16.

But where did that “easy money” come from? Was it not central banks injecting immense amounts of money, and which effects were much distorted by the risk weighted bank capital requirements, which low capital requirements allowed that liquidity to multiply manifold? Has Ms. Foroohar tried to put the breaks on such easy money, or the contrary has she not been egging it on? 

And Ms. Foroohar concludes: “Meanwhile their Big Tech competitors are already being circled by regulators… Attorneys-general from 50 US states and territories in the US have launched an antitrust investigation into Google’s dominance of search and advertising, while New York is leading a probe of Facebook’s monopoly power… in Europe, the EU competition commissioner Margrethe Vestager… has been given a broader remit that includes digital policy.”

Should we cheer that? Absolutely not! For two reasons:

First that it might lead to Big Tech entering into too close too dangerous relation with Big Brother.

Second we, whose personal data is being exploited by Google, Facebook and similar, should be compensated long before redistribution profiteers and neo-ambulance chasers… for instance by having 50% of their ad-revenues to help fund an unconditional universal basic income.

@PerKurowski

Will the many “General Data Protection Regulation” profiteers help or stand in the way of a better future for our grandchildren?

Sir, Richard Waters writes that “Europe’s new online privacy regime is a gravy train for lawyers and consultants, and it has kept IT departments and compliance officers working late for months [and] it is likely to take an onslaught…from privacy activists” “Brussels forces online reckoning by setting high bar on privacy” May 25.

That raises a question: Will that mean a better future for my grandchildren, or will it just extract value from what has been developed, making what’s to be developed more distant and expensive?

Waters also writes: “One Silicon Valley figure argues: if users were able to capitalise the future value of personal data like this that they will throw off over a lifetime, it would turn out to be one of their most valuable assets”. I have argued a similat the thing with letters sent to FT… but I have also indicated the possibility that all the web and social media added monetary value, could be used to fund a Universal Basic Income, a sort of Human Heritage Dividend.

Personally, scared of some “Big Brother Is Watching You” joint ventures between data gatherers and goverments coming into fruition, I prefer allowing development to run its full course to see where it takes us. 

Sir, I just do not feel sure enough about taking development limiting decisions on behalf of my grandchildren. Do you? 

https://teawithft.blogspot.se/2015/09/ad-blockers-do-not-allow-any.html

PS. If social media is to be fined, then have all the fines help to fund Universal Basic Income schemes. What we absolutely do not need, is to have social media (ambulance) chasers, redistribution profiteers, like a European Commission, or similar, capturing these.

@PerKurowski