US government finally admits most piracy estimates are bogus

[Kenny]

It's good to see that they see that the piracy loss estimates being fed to them are a load of crap; I once read that, by the RIAA's estimates on piracy losses, one month's worth of piracy losses exceeds the GDP of France ($150,000 loss per act of piracy, 2,370 torrents in a month, assuming 5 MB/song, equalling 76.3 million acts of music copyright infringement). Unfortunately, I get the sense that there are a lot of vested interests with a lot of money who will do their best to make sure this report never reaches the hands of policy makers...