What's wrong with this picture?
For starters, Facebook's Terms of Service state "You own all of the content and information you post on Facebook, and you can control how it is shared through your privacy and application settings."
It's as simple as actually reading the Terms and Service.
Don't read Terms of Service? You're not alone. Use this site to see how websites use your personal information without reading the terms of service.
As for the legal mumbo jumbo, it's just that. According to Derek Bambauer, Professor of Law at the University of Arizona James E. Rogers College of Law, a majority of this post makes no sense. He told the Huffington Post:
"There are so many things wrong with this notice, it’s hard to know where to start. ... It’s not clear what articles L.111, 112, and 113 of the 'code of intellectual property' are - Facebook’s [Terms of Service] operate under US law, where copyright is in Title 17 of the US Code."
Bambauer also noted that hoaxes like this have been around since at least 2012 and pointed out that there's even a Snopes page dedicated to it.
Bottom line? Don't fall for this hoax. Don't repost it. There's not a lick of truth behind it.