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This TED Talk is a series of pointed assaults on the “Nothing to hide argument”, and declares that lack of privacy actually changes our behavior in fundamental ways. An excerpt:

The people who are actually saying that are engaged in a very extreme act of self-deprecation. What they’re really saying is, “I have agreed to make myself such a harmless and unthreatening and uninteresting person that I actually don’t fear having the government know what it is that I’m doing.”

The speaker is learned and well-reasoned on the issue perhaps the best expression of the subject matter I have yet come across.