Peter Schiff Says DoJ Harassing Google With Antitrust Lawsuit: 'Consumers Need Protection From Government...Not Private Companies'

Peter Schiff, chief economist and global strategist at Euro Pacific Capital, criticized antitrust laws at a time when the U.S. Justice Department has accused Alphabet Inc’s GOOGL GOOG Google of 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."

Also Read: Everything You Need To Know About Google Stock

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.

Google’s 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."

Other Impact: Schiff, considered a Gold bull, highlighted the ill effects of taxation and inflation while pointing out the ill effects of overregulation.

“Imagine how much more money everyone would have to buy goods and services if the government didn't rob us of our purchasing power with taxation and #inflation to pay for all of its spending. The best thing government can do to help consumers is reduce regulation and spending,” he said.

Government spending is currently in the spotlight ongoing amid a debt crisis that has forced the Treasury to undertake some extraordinary measures.

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