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.
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.”
Edward Snowden’s one year visa in Russia expires at the end of next month. With only a few weeks left before he finds himself without a safe country to live in, he sat down to give an exclusive interview. Here are the most important things he wants you to remember from his recent sacrifice.
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.
Panopticon goggles? Severe market panic in 2018? Gold confiscation by 2020? Jim Rickards' shocking thought-piece in the spirit of A Brave New World or 1984. Click to see how markets, economics, your money, gold, privacy, wealth building and more look a decade from now in the year 2024...
I believe we are in the midst of one of the greatest profit opportunities you’re ever going to see in your lifetime. Stop listening to what the government is telling you. Turn off CNN. Forget what you see on the news. And for God’s sake, forget about the market crashing. Right now, we are in the early innings of the greatest profit opportunities of the 21st century. A biotech boom that’s about to hit epic proportions thanks to Ebola. If I’m right, we are going to see Ebola in New York, Los Angeles, San Francisco and Miami. And when this happens, every single stock that has anything to do with Ebola is going to soar. Let me explain to you how I believe this huge Ebola bubble is going to unfold.
Right now we’re seeing a surge of strength in the U.S. dollar, as the bottom falls out of our competitors’ currencies, and Jim Grant has the best analysis of what it means for investors. For one, it means the Federal Reserve can’t keep interest rates low forever. And mainstream investors may be very surprised when the Fed gives in…
Another one of Wall Street’s broken forecasts has plopped a new trade in your lap. If you’re listening to the lunatics on the financial news, you’re hearing that there’s no hope for the markets. Just get rid of your stocks and pound sand. Better safe than sorry—none of these talking heads want to get bullish on anything right now because they’re afraid to look like an idiot if the market keeps dropping. For them, selling stocks now is your only chance to make it to the end of the year without pawning the family cat to buy Christmas presents. Can the market survive? Greg Guenthner explains…
Breakthrough technologies can hold the most undiscovered money-making potential. What we’ve accomplished in a quarter century with cancer research could make you serious money and save countless lives. Ray Blanco has more on this ground breaking story...
On Oct. 6, 2014, Jim Rickards was interviewed by Bloomberg TV for his thoughts on gold, currency manipulation and the overall strength of the global economy. Watch the entire interview for yourself, right here...