2023-01-25 05:21:31

Peter Schiff Says DoJ Harassing Google With Antitrust Lawsuit

Logo Benzinga
Benzinga
By Bhavik Nair

Peter Schiff, chief economist and global strategist atEuro Pacific Capital,criticized antitrust laws at a time when theU.S. Justice Departmenthas accusedAlphabet IncsGOOGL GOOGGoogleof abusing its dominance in digital advertising.

What Happened: According to a Reuters report, the government said Google should be forced to sell its ad manager suite as it "used anticompetitive, exclusionary, and unlawful means to eliminate or severely diminish any threat to its dominance over digital advertising technologies."

Harassment?Schiff believes laws like these lead to higher prices for consumers and impact productivity. The U.S. Justice Dept. is harassing @Google with an #antitrust lawsuit. Antitrust laws undermine productivity and punish consumers with higher prices. Consumers need protection from government and its monopoly on force, not private companies, that depend on voluntary patronage, Schiff tweeted.

Googles advertising business brings in about 80% of its revenue. The tech giant reportedly said the government was "doubling down on a flawed argument that would slow innovation, raise advertising fees, and make it harder for thousands of small businesses and publishers to grow."

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