This means, for example, that if you share a photo on Facebook, you give us permission to store, copy, and share it with others (again, consistent with your settings) such as service providers that support our service or other Facebook Products you use.
Facebook has the authority to copy and keep your content that you post and share with services who support Facebook and see things through Facebook adds. Even if you have all of your stuff set to private, they still have the power to access and share it. CRAZY.