Unsustainability: It will only become more difficult to keep secrets as technology improves. Imagine cameras that can see through walls and drones the size of a fly.
Unenforceability: How do you make people forget information on demand? How do you delete data from the internet?
Inefficiency: We waste a lot of resources securing data. We waste a lot of resources requesting data. Allowing data to flow naturally would be more efficient.
I think it's a good idea to let "everyone else see [my] bank balance[.] Personal emails[.] Personnel reviews at work[.] Letters to [my] girlfriend[.] Late night browsing habits[.] Purchase history[.] All [my] photos along with the video feed from [my] phone[.]" However, I think it would be unfair to make the life of one person transparent in a society where the social and technical expectation is to keep secrets, although I think it would be better to make everyone's lives transparent in a society where transparency is supported.
I think the transition to a transparent society is inevitable. I also think that the later we prepare for the transition the more people will suffer. This is why I bring up the subject and encourage people to think about it.
David Brin explains it much better in his book: