WATCHDOGS ASLEEP AS SUPER-CORPS ABUSE THEIR MONOPOLY

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The tech giants are dominant by their buying out potential rivals that might threaten their market share, which they then quarantine. Data compiled by Bloomberg show the big five, Alphabet, Amazon, Apple, Facebook and Microsoft, have made 431 acquisitions worth $155.7 billion over the last decade. The companies also have control over vast amounts of data about their customers, raising concerns about threats to privacy.

Amazon is the second-largest private employer in the United States (566,000 employees). According to Bundeskartellamt, or the Federal Cartel Office, Amazon may be involved in several unethical practices. These practices include blocking seller accounts with no explanation, misuse of seller information and withholding payments.

Google has a near monopoly on internet searches and internet advertising which affords them failures like Buzz, Google+, and Youtube CEO Susan Wojcicki running Youtube into the ground. Google, who owns Youtube, owns the two largest search engines on the internet, wielding them unprecedented power over what people read, watch, purchase, and think. It’s already been exposed that Google has promoted the dominant political view in Silicon Valley.

Ebay/Paypal has engaged in other actions which would immediately bring down the wrath of regulators if the actions were committed by a bank. Financial institutions should be concerned that eBay/Paypal is entering the financial services sector without being required to adhere to the same laws as FIs.

The playing field is no longer level when a major global payment player is able to ignore laws designed for consumer protection and which are strongly enforced against ordinary financial institutions.

eBay has banned other payment methods for sales and will now only allow Ebay-owned Paypal payments. Citing Paypal as being ‘a safer payment method’ despite other payment services providing evidence that PayPal is much less reliable. It is certainly more profitable for eBay to require all payments through their subsidiary Paypal, but there is no evidence to suggest it is safer.

There are alternatives that are either as effective or more effective than the self-chosen biggies. Facebook is dominant with intere-action socialising but if the youir target is political conservative to ‘right-wing, VK and GAB social media are less overcritical and more effective than the Zuckerberg platform.

Google search engine holds the high ground but duckduck.go is as useful as is Google and never holds or monitors user information. There are alternatives to Amazon book selling like Gumroad and Sellfry.

It is an absurdity that PayPal is preferred by many as overall its performance is poor and its fondness for closing anything right of liberal-left accounts is notorious.

The irony is that MoneyGram and Western Union are easier to use. There are many more high street agencies offering the MoneyGram cash transactions than there are Post Offices. A cash transaction to a person in another country is as easy as purchasing a stamp.

Why do so many prefer PayPal, which illicitly monitors their transactions when their regulated and more accountable banks (UK / EU) are safer, quicker, and cost less?

Michael Walsh was awarded ‘Writer of the Year 2011’. With 60 books bearing his name, thousands of new stories and columns, Michael is arguably Britain and Europe’s most prolific author of multi-topic books none of which have been ghost-written.

MICHAEL WALSH is a journalist, broadcaster and the author of RISE OF THE SUN WEEL, EUROPE ARISE, TROTSKY’S WHITE NEGROES, MEGACAUST, THE ALLIED INVASION.  DEATH OF A CITY, WITNESS TO HISTORY, THE BUSINESS BOOSTER and THE FIFTH COLUMN VOLUME I and II, and other book titles.

The dissident author’s books available for purchase by visiting his website BOOKSTORE, BUY FROM AUTHOR and POETRY  links.

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