The problem Google (GOOG) is having monetizing its inventory of News Corp.’s (NWS) MySpace pages may have more to do with faulty algorithms for ad serving than it does inherent issues with social networking sites.

That’s the conclusion Pali Research analyst Richard Greenfield reached in a research piece today on News Corp. “While everyone is blaming social networking as the culprit for Google’s MySpace monetization problems, the real problem is Google itself and its search algorithms for social networking,” he asserts.

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