Happens right now. Google gets your permission to vacuum the contents of Gmail, liberate data from your Android phone, and then somehow, removing "personal identifiable information", liberates this data and sells it to others, who reassemble the information.
Permission, I believe within this context, is another of Schmidt's reality distortions. The Internet of Crap will indeed require interactions, and they'll be two states for you to interact: by the facade of your permission, and by devices querying your to obtain metadata to interact with you and then send the results to some hadoop cluster in SeaLandia for, um, additional processing.