It’s responsible for much that is bad in the contemporary political economy. Its algos feed biases. Its lack of editorial standards feeds conspiracy theorists. It divides more than it brings together. And today it has taken on the mantle of a coercive foreign power. Witness the marvel that is Facebook:

Social media giant Facebook will prohibit publishers and people in Australia from sharing or viewing Australian and international news content in response to Australia’s proposed media bargaining laws.

The company announced the move after saying it was left with a “stark choice” after being unable to find a “solution” in discussions with the Australian government.

“The proposed law fundamentally misunderstands the relationship between our platform and publishers who use it to share news content,” William Easton, Facebook’s Australia and New Zealand managing director, said in a blog post.

“It has left us facing a stark choice: attempt to comply with a law that ignores the realities of this relationship, or stop allowing news content on our services in Australia. With a heavy heart, we are choosing the latter.”

What, $700m tax-free is not enough for you?

I don’t think we can get buy without Google but we can do without Zuckerberg’s rabbit hole.

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David Llewellyn-Smith

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

Latest posts by David Llewellyn-Smith (see all)

• Bitcoin has killed gold (for now) - February 19, 2021
• Stocks to buy as yields rise - February 19, 2021
• The Australian dollar is already topping out - February 19, 2021

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