It is widely believed that we are facing a problem, caused by something called ‘fake news’. Governments and other powerful institutions around the world have adopted a variety of measures to restrict the reporting and dissemination of claims they deem to be fake news. Many of these measures are clear breaches of fundamental rights, including freedom of speech and freedom of the press. This chapter arsgues that, contrary to common opinion, there is no new or growing problem of fake news. There is instead a new and growing problem caused by the term ‘fake news’. Although this term has no fixed meaning it does have a fixed function. It functions to restrict permissible public speech and opinion in ways that serve the interests of powerful people and institutions.