- the source for market opinions


April 8, 2019 | Fake News Paranoia: UK Wants to Regulate Google and Facebook Seeks Regulation

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
Government paranoia over “Fake News” has reached a fever pitch in the US and Europe. Proposed solutions are ludicrous

The New York Times reports Britain Proposes Broad New Powers to Regulate Internet Content.

Britain proposed sweeping new government powers to regulate the internet to combat the spread of violent and extremist content, false information and harmful material aimed at children. The proposal, announced on Monday, would be one of the world’s most aggressive actions to rein in the most corrosive online content.

The recommendations, backed by Prime Minister Theresa May, take direct aim at Facebook, Google and other large internet platforms that policymakers believe have made growth and profits a priority over curbing harmful material. The government called for naming an internet regulator with the power to issue fines, block access to websites if necessary and make individual executives legally liable for harmful content spread on their platforms.

Facebook Invites Regulation

On Saturday, Facebook CEO Mark Zuckerberg wrote an op-ed for the Washington Post entitled: The Internet Needs New Rules.

I believe we need a more active role for governments and regulators. By updating the rules for the Internet, we can preserve what’s best about it — the freedom for people to express themselves and for entrepreneurs to build new things — while also protecting society from broader harms.

From what I’ve learned, I believe we need new regulation in four areas: harmful content, election integrity, privacy and data portability.

Lawmakers often tell me we have too much power over speech, and frankly I agree. I’ve come to believe that we shouldn’t make so many important decisions about speech on our own. So we’re creating an independent body so people can appeal our decisions. We’re also working with governments, including French officials, on ensuring the effectiveness of content review systems.

Self Serving Bullsheet

ZeroHedge hits the nail squarely on the head in UK To Fine Facebook, Google For Hosting Terrorist Content.

The cat and mouse game between the world’s largest media company and global governments continues.

Just days after Facebook CEO Mark Zuckerberg called for more government regulation in an attempt to mollify the company’s growing critics, while seeking to squash smaller competitors as well as give governments a legitimate reason to enforce censorship and chip away at freedom of speech in order to comply with Facebook’s mysterious “community standards”, the company and its tech peers are facing a new UK law that will impose “substantial” fines, or even ban companies if they don’t act swiftly enough to remove content that encourages terrorism and child sexual exploitation and abuse.

Additionally, hinting that Facebook is now openly seen as a media empire instead of merely a distributor of content, the companies’ directors could also be held personally liable if illegal content is not taken down within a short and pre-determined time-frame, the UK’s Home Office said, which is also seeking to tackle the spread of fake news and interference in elections.

In short: wholesale government censorship under the guise of cracking down on the private sector.

Ding Ding Ding

We have a winner, but let’s lay it on the line more clearly.

Zuckerberg made billions promoting sleaze, selling user data, and with few if any data controls.

The best way to stay on top is to prohibit any other company from doing the same.

Thus, all of a sudden Facebook proposes to be an angel. It will even offer services that undoubtedly will cost money in one way or another at a future time.

Meanwhile, the government will get to decide what is fake news and isn’t. Zuckerberg is more than happy to get in bed with the government as long as it makes him more money and stifles the competition.

Fitting Irony

The irony in this madness is Zuckerberg posted his op-ed in the Washington Post, one of the biggest purveyor of false news on Russia and Trump in general.


Please be wary of wolves disguises as sheep who then demand government protection from themselves.

Mike “Mish” Shedlock

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the Weekly Recap.

April 8th, 2019

Posted In: Mish Talk

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site


This site uses Akismet to reduce spam. Learn how your comment data is processed.