There is a saying attributed to the French banker Nathan Rothschild that “Give me control of a nation’s money and I care not who makes its laws.” Conservative opinion in the United States has long suspected that Rothschild was right and there have been frequent calls to audit the Federal Reserve Bank based on the presumption that it has not always acted in support of the actual interests of the American people. That such an assessment is almost certainly correct might be presumed based on the 2008 economic crash in which the government bailed out the banks, which had through their malfeasance caused the disaster, and left individual Americans who had lost everything to face the consequences.
Be that as it may, if there were a modern version of the Rothschild comment it might go something like this: “Give me control of the internet and no one will ever more know what is true.” The internet, which was originally conceived of as a platform for the free interchange of information and opinions, is instead inexorably becoming a managed medium that is increasingly controlled by corporate and government interests. Those interests are in no way answerable to the vast majority of the consumers who actually use the sites in a reasonable and non-threatening fashion to communicate and share different points of view.
The United States Congress started the regulation ball rolling when it summoned the chief executives of the leading social media sites in the wake of the 2016 election. It sought explanations regarding why and how the Russians had allegedly been able to interfere in the election through the use of fraudulent accounts to spread information that might have influenced some voters. In spite of the sound and fury, however, all Congress succeeded in doing was demonstrating that the case against Moscow was flimsy at best while at the same creating a rationale for an increased role in censoring the internet backed by the threat of government regulation.