IT firms lose billions after NSA scandal exposed by whistleblower Edward Snowden
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The realization of just how “Big Brother” America is has also hit the (until recently booming) cloud computing market hard.
This is hurting our domestic companies in a major way, and lighting toasty fires under the asses of foreign governments concerned for national security to fund a ramp-up of home-based tech development. Therefore migrating away from US based tech. Governments & companies that would have, prior to this, happily continued buying US developed technology.
Brazil is even in discussions to build a completely new INTERNET to bypass the US altogether, which it can then offer to other nations as an alternative.
I also heard (I believe it was on Truth About Markets) that Cisco execs were recently forced to do a 180 at an earnings conference call after having told stockholders to expect stellar profits from booming Chinese sales – only to post around 20% drops in sales as China flees from US designed hardware & software.
According to hacktivist Jacob Applebaum the NSA’s “home advantage” creates a tendency to prey on US companies, forcing them to comply, which in turn encourages the rest of the developed world to simply stop playing ball with Uncle Sam, and start working with each other more closely.
Great “protection”, guys!
On the subject of Applebaum, this video will stun even the most veteran of tin-foil hat fashionistas on just how invasive and frankly, ridikilus, the government surveillance appetite has become.