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The FBI or Obama does not care for the one iPhone, they wanted the Holy Grail of encryption from Apple, Microsoft, Goggle, Facebook and others as an excuse to protect the American people.
Imagine the possibilities of what the FBI or government agencies can do against the American people. Think about the Wisconsin John Doe case but this time the DOJ and the Feds are involved. Imagine having your smartphone secretly sending real time videos of what you are doing, who you meet with and etc to the FBI or any government agency or government entity. Consider the implications on how your iPhone becomes a homing beacon for your political foes, the unprofessional media, jealous lover, kidnappers or what have you that exactly tells them on where will you be located. Imagine the implications that your smartphone shall be used as a blackmail tool to force voters and legislators to act against their best interests.Imagine having Senator XYZ withdraw his own bill to reform the IRS or the NSA or the FBI because someone in the agency upload illicit child pornography files on his own personal smartphone and somehow the press and law enforcement found out the child porno about said Senator’s vice before the latter did. Imagine having a member of an American law enforcement agency use your own smartphone as their own personal hidden camera to stalk you.
Imagine the consequences for thousands if not millions of people who oppose their governments worldwide. Imagine the power politicians and governments will have over their opponents and their own people. Free speech gone, freedom of association, gone, Privacy, forget about it.
The FBI’s reasoning is about control not security. Security is extremely hard, but if you can control communications,associations, speech and movement, you control the people and their votes.  Security becomes a possibility only under the terms of the government and not the people.