Abstract: The Internet moves in phases, and we are entering the third in 20 years. In this keynote, using a framework drawn from the Law of the Horse, I describe the phase we are entering - the surveillance phase - and the threat it presents to society generally, and democracy in particular. Along the way, I offer an understanding of the Net circa 1999, and the phase that followed it, circa 2009. At each stage, our inability to govern has been a significant liability. In the phase we are entering, it will be devastating.