Government? What we have is corporate feudalism. We are now serfs.
We have both.
Coorporations so big they can censor your president, and a government that redestributes your wealth and states that may force a Christian bakery to bake a gay wedding cake.
Though if I recall correctly Assange (or was it snowden?) suggested that facebook was the rebranding of lifelog (en.m.wikipedia.org).
If so, social media censoring your president would be just another government program.
This is why we are being ruled by corporations. Power has discovered it can control people using corporations more effectively than government. Corporations don't need to comply with laws. They can skirt all the rules designed to prevent abuse.
Don't worry, I'm confident that Facebook will lobby to increase the laws that apply to social media corporations.
Such that only Corporations that can afford an entire department of lawyers can afford to stay up. The rest will go bankrupt because their terms of services didn't use the correct lawyer speak.
Like amazon is lobbying for minimum wage, after they spent lots of money into automating their warehouse and experiment with automating delivery...
Than we finally have the illusion of government standing up against big tech.
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