 We now know of course that the bulk spying done by NSA is a big privacy issue and now we also know that the bulk spying by the NSA is a big matter in terms of international affairs. But is it really an economic issue? Well the big spy state is a big economic issue and it's all to the negative. Bulk spying done by the NSA means that large U.S. technology companies are subpoenaed on a regular basis for information about their customers. This is making it harder for U.S. large U.S. companies to maintain their customers and to expand the number of customers that use their service. So Americans are turning increasingly to smaller, more boutique-like and more secure sites and internet services for their internet use. Now I have certainly applaud these new entrepreneurs for going into the market and making these new services available. But let's face it, it's a waste of resource if they're just there to avoid the NSA and the loss of their privacy. And of course it's also making it difficult for U.S. companies to expand overseas because they're subject to subpoenas by the NSA but companies overseas are not. So it puts them at a competitive disadvantage in the emerging markets all around the globe. And then of course as Mr. Stone has made very clear, the NSA doesn't have this data secured and it means that company data can be lost, information about customers can be lost to competitors and used against them. So that's a very big concern for U.S. companies and their customers in the fact that their information is no longer secured. And finally this bulk spying by the NSA is very costly and let's face it, it's dumb spying. Data is not knowledge. What we're looking for, what the NSA is looking for is knowledge and what they're spending money on is data. So the big spy state is bad for business and that's the Mises View.