Tim is a bit cluelerss

Business Insider: "I don’t believe that the tradeoff here is privacy versus national security," Cook said during an interview on "60 Minutes".  

"We’re America. We should have both."

People are using their iPhones to store private sensitive information, like their health and finances. Even conversations with friends or confidential business secrets should be able to be stored securely on an iPhone, Cook believes. 

"You should have the ability to protect it. And the only way we know how to do that is to encrypt," Cook said. 

Let's help Tim a bit.  The key information is encrypted from  everyone, including whoever owns your telephones.  Thr idea is to make information  act exactly like a five dollar bill.  The device will emulate the five, duplicate the engraving and paper, and will automatically add and subtract correctly with other like devices.  No human can tamper with these devices, not even some bonehead CEO fro  a fruit company.  Not can any human use the internal encryption  for any purpose other than  hones transactions.  So, Tim, take your telephones and your government out of the picture, this is st6rictly between us and the mathematicians.