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Chairman’s Corner

As we navigate the complexities of the financial world, this space will serve as our platform to share insights, discuss trends, and explore the policies shaping our economic landscape.

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When Envy Meets Stupidity

  • April 1, 2024

This headline from the Wall Street Journal last week says it all:

Apple, Meta, Google Probed by EU Under New Digital-Competition Law – WSJ

Actually, “scrutiny” is a euphemism for potential multi-billion-dollar lawsuits under Europe’s Digital Markets Act. The EU’s philosophy is: if you can’t beat the Americans, sue them.

These EU probes are an admission by the Germans, French, and Italians they can’t compete with American ingenuity, creativity, brainpower, and business acumen. There is no Steve Jobs, Bill Gates, or Sergey Brin in Europe.

Someone named Margrethe Vestager, the EU’s “competition czar” says Apple, Google, and Meta are “not in compliance” with the EU’s new rules. According to the Wall Street Journal, these tech titans must “present compliance plans to regulators, app developers, and RIVAL COMPANIES (emphasis added).” This is an obvious assault on these companies’ private property and patent rights.

I am not surprised that foreigners are launching an attack on American tech supremacy. What is outrageous is that the Biden Administration (which should be defending the red, white, and blue) is piling on with similar bogus lawsuits against our OWN companies.

This would be about as un-American as forfeiting America’s energy dominance by not drilling here at home. Oh yeah. We’re doing that.

The victims here — among many — are the tens of millions of Americans who own trillions of dollars in stocks in these three of the Magnificent Seven.

Can anyone imagine the Chinese or the Japanese bringing lawsuits against their own most profitable companies?

As Trump would say: the rest of the world is laughing behind our backs. Perhaps Biden is tired of America winning.

Come to the Financial Policy Council https://lnkd.in/eZU2UgYd, be a part of decisions that will shape the country’s future & share your thoughts.

#Apple
#Meta
#Google
#technology
#EU
#Biden
#Trump

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