Jason Farrell

While the U.S. waits for its best opportunity to snag Edward Snowden in transit, European businesses are likely to shut down relationships with American Internet service providers to avoid being spied on, according to the European Commission. Of particular concern is “cloud” data stored with U.S. providers such as Google.

“Why would you pay someone else to hold your commercial or other secrets,” Neelie Kroes, the commissioner for digital content noted, “if you suspect or know they are being shared against your wishes?” Kroes was weighing in on at a meeting of the European Cloud Partnership Board in Tallin, Estonia.

European politicians are shaking their jowls across the continent.

“If I were an American cloud provider,” Kroes opined, “I would be quite frustrated with my government right now.” She suggested there would be “multibillion-dollar consequences” for U.S. companies.

There are indications that this could see U.S. corporations tangled in legal trouble. Google was sued by a French data protection watchdog earlier this year in response to the PRISM revelations. The French court gave the company three months to change its privacy policies or risk a fine of up to 150,000 euros. The amount is a comically small fine for a multibillion-dollar company… but Spain plans to fine Google up to 300,000 for failing to be clear with what it did with data. Germany is taking similar steps in court, according to RT. In the U.S., at least nine companies are being sued over the scandal in a class action suit.

Rep. Loretta Sanchez (D-Calif.) indicated that members of Congress learned “significantly more than what is out in the media today” during a closed briefing about the NSA last month. The true depth of the program is still a mystery… one that could cost the economy billions.

Jason Farrell

For The Daily Reckoning

P.S. Check out Matt Insley’s “The Best Way to Play a Desperate NSA” for some great tips on cashing in on the cyber wars. You can also get our best information for protecting yourself from government snooping with our latest report “Make Yourself Invisible to the NSA.”

 

You May Also Like:


NSA Spying: The New Cost of Doing Business

Mary Theroux

Every day, U.S. citizens learn more and more about how their own government is spying on them. It's become so accepted, people tend to shrug it off - as if its a necessity for citizenship. And, as Mary Theroux explains, for most CEOs its become the cost of doing business. Read on...

Jason Farrell

Jason M. Farrell is a writer based in Washington D.C. and Baltimore, MD. Before joining Agora Financial in 2012 he was a research fellow at the Center for Competitive Politics, where his work was cited by the New York Post, Albany Times Union and the New York State Senate. He has been published at United Liberty, The Federalist, The Daily Caller and LewRockwell.com among many other blogs and news sites.

Recent Articles

Extra!
6 Reasons You’ll Love Being a Late-Stage Investor

Matthew Milner

When investing in a private company, there are two kinds of investors: early-stage and later-stage. And while early-stage investors have more upside potential, they're also exposed to far more risk. Today, Matthew Milner explains how you can be a successful later-stage investor, and still make great gains, with much less risk. Read on...


Video
How to Predict an Economic Collapse

Kate Incontrera

In his recently released book, A Viennese Waltz Down Wall Street, Mark Skousen gives the Austrian School's take on what triggered the 2008 financial crisis - and why you should be wary of the artificial boom that's driving the recovery.


Laissez Faire
Why Heartbleed Will Change the Internet as You Know It

Mike Leahy

The Heartbleed bug is a massive security flaw that could put you and your personal information at risk. And while there are things you can do to limit the damage, you haven't yet seen the ramifications of this security disaster. The Internet in the post-Heartbleed world won't look like anything you've seen before. Mike Leahy explains...


Big Opportunity in the “Baby Bakken” Oil Field

Matt Insley

As the U.S. "shale gale" nears its 10th birthday, it appears the America energy renaissance has outlived its critics. Still, it's natural to wonder whether all the big gains are behind us. Today, Matt Insley reveals the newest shale hotspot, and explains why there's still plenty of opportunity left in the U.S. energy boom. Read on...


Maestro
The Real Reason the US Media Hates Vladimir Putin

Marc Faber

The U.S., Russia, the EU and Ukraine all met in Geneva, where all sides agreed to halt all violence and provocations in Ukraine. But the news media are still taking an antagonistic stance toward Vladimir Putin and Russia. What gives? Today, Marc Faber explains the hypocrisy behind U.S. foreign policy... and the BS the news media are pushing about it...