Soros has once again targeted the US President during an appearance at the World Economic Forum in Davos, Switzerland, having shared his own "forecast" on the future of the Trump administration. But on Thursday night Trump ended up getting upstaged by another elderly Manhattan billionaire: George Soros.
"As Facebook and Google have become increasingly powerful monopolies, they have become obstacles to innovation and have caused a variety of problems that we are only now beginning to realize, " Soros said.
Soros, a great supporter of economic liberalism, became known in the world of politics by supporting anti-communist movements in the former Soviet republics.
He pointed out that it took Facebook eight years to reach one billion users, but only four years to double that amount.
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He continued, "They claim they are merely distributing information". He also managed to undercut the president by noting the damaging influence of social media on elections: "This is particularly nefarious because social media companies influence how people think and behave without them even being aware of it".
Soros suggested Facebook and Google should be subject to more stringent regulations which would "preserve competition, innovation, and fair and open universal access", as well as taxation, stating that those two factors will be the death knell for the companies.
He added that some tech companies may fall into "unholy marriages" with regimes which oppose Western ideals, which could in turn give them "totalitarian control the likes of which not even Aldous Huxley or George Orwell could have imagined".
Soros also denounced President Donald Trump, who he accused of trying to establish a "mafia state". George Soros isn't involved in the day-to-day management of that organization.
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The dominant global creed has reverted from worldwide governance to nationalism, Soros argued. "Mining and oil companies exploit the physical environment; social media companies exploit the social environment", he said, according to a transcript obtained by CIO.
Close relationships between technology monopolies and authoritarian states is "an alarming prospect", he said, which could "bring together nascent systems of corporate surveillance with an already developed system of state-sponsored surveillance".
Soros predicted that Russian Federation and China were the two countries where "such unholy marriages are likely to occur first". Another disturbing possibility was that USA tech companies would "compromise themselves in order to gain entrance to these vast and fast-growing markets".
"This requires the United States to cooperate with all the interested parties, China foremost among them".
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The billionaire compared the companies to "exploitative monopolies" and the "gambling industry".