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The Cloud can probably be trusted as well as any other internet-based technology. Spoofs will be found to break security measures through web browsers and flaws in Java, etc. But more importantly, by the government getting involved in building cloud, or private cloud infrastructure, they can influence industry to develop better forms of security since if the government doesn't mandate secure transactions, the markets may be slow to respond to the desperate need we all have to keep important data private. Who knows what will happen to all those jobs, but surely some of those people understand processes, and will be required to oversee whatever does become to the retired servers and hard disks.