US billionaire philanthropist Soros claims Facebook and Google harm individuals, market innovation and democracy?

Are the days of these IT giants numbered.

The looming threats against the US IT giants like Facebook and Google have been lurking on the horizon.One of the latest move was felt during the recently held World Economic Forum held at Davos, Switzerland, when the US billionaire and philanthropist George Soros, in his speech, predicted that regulations and taxation will soon dethrone Facebook and Google, describing that these titans in the tech industry as powerful monopolies that harm individuals, market innovation and democracy, as reported by the Washington Post.

And Soros furthered his openness when he says; “Facebook and Google have grown into ever-more powerful monopolies, they have become obstacles to innovation and they have caused a variety of problems, at which we are only now beginning to become aware.”

And he cited that regulation and taxation will soon dethrone the two IT giants as he urged that the American officials have to draw an effort from the European counterparts, particularly European Union Competition Commissioner Margrethe Vestager, a former Dutch economy minister, and other EU officials who have recently advanced a host of enforcement against these prominent UST web giants.

As an observation, Soros strongly identified these web giants on the changing climate of on-line advertising and the explosion of fake news on their popular social media platform.

Why do critics are against on on-line advertising?

There is now an upheaval in the printed world of newspapers.Many major and prestigious newspaper are folding out because of the shifting load of advertising money. Some newspaper publications have to condense their operations and lay-off witers and employees. Even, in Canada, the newspaper publishers are crying , urging the Federal government for financial support or subsidy to supplement the failing advertising revenues.

The publishers claimed that that the newspapers are the best platform to disseminate information to the public; that this printed page has the social responsibility to fully aware what is going on in the city, and in the community at large. The newspaper has a role to play in the current society dotted with so many problems in politics, in environment, in economy, and in security. They need financial help from the Federal government. And with the advent and the continuous proliferation of these web giants, the printed world needs an obituary for themselves.

And the mainstream newspapers are not alone, even the ethnic newspapers are also feeling the changes. These community newspapersnever receive any funding from the civic government, except from a few councillors who place their ads in the newspapers. The only support from the provincial and federal governments are advertising placements in a very irregular basis.

Thanks to the local businesses for their advertising placements and thanks to our readers who support our local advertisers. And truthfully, the ethnic newspapers are the best platforms to inform our community members on the local, provincial, the federal and the hometown news.

How about the spread of disinformation in the social media platform? The presence of fake news which has been tarnishing the very essence of the core values in the practice of journalism? It seems that there are no clear dividing line between the real news and the fake news? And through this social media platform where millions log on, and being bombarded by news from the different sectors, the news readers have difficulty classifying the news whether it is fake or not.

And the fake news have become the hot issues being discussed by the regulators, by the news practicioners, by big time politicians. Take the case of Trump’s victory in the recently held election in the US. The two sides of the issues have been in collision course, claiming the proliferation of fake news. American people are confused! Which news is true? Same scenario has been going in in other countries? Take the Philippines politics which mudded with so many issues on fake news. Both camps blamed each other, both sides have defending each other, and as a result, the changes promised by President Duterte has been marred with controversies. It seems that the advent of the social platform has become the stumbling block for progress, has become the forum of love and hate, has become a change agent for the worse. Even Senator Poe wants to find out how to block Facebook in the Philippines.

Would you call this as progress when in reality, as reported by Soros, the web giants harm individual relationships, deadens the pathway through market innovations, and democracy is in peril?

Are the days of uploading and downloading your photos and message in the facebook; and finding anything in the google numbered? Probably we would go back to the very basic of human integration and interaction, closer relationship with our loved ones by looking at us, at your eyes, talking to you with sweet nothings, chatting and talking to each other and NOT through a CELLPHONE!