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Basically a good idea, but I am not sure it will help much as someone would have to secure the cable against the spies with their submarines. And sooner or later the data sent through such a cable would enter the regular net infrastructure in both Brazil and Europe, where there are also people hacking into all kinds of systems.
If it is not supposed to be a giant waste of money, the project should go way beyond the cable and include heavy encryption from user to user, maybe even separate sub-Internets in Brazil and Europe.
That is what I think will happen anyway, countries and regions will develop their own sub-Internets in order to protect themselves. The global Internet will continue to exist, but only for stuff of minor importance, like fun or music videos.
Futile idea, because those snooping Yankees in Washington will find a way to tap into any such wire cable.
I would wager most Americans don't like what our NSA spooks are doing.
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