The Facebook privacy notice is nothing more than a hoax, according to USA Today. Facebook doesn't actually own your media, but it is able to use, distribute and share things you post depending on your privacy settings.
In an attempt to protect their privacy, users are copying and pasting a certain message into a status for their news feed that says, in part:
"In response to the Facebook privacy guidelines I hereby declare that my copyright is attached to all of my personal details, illustrations, comics, paintings, crafts, photographs and videos, etc. (as a result of the Berner Convention). For commercial use of the above my written consent is needed at all times. I notify Facebook that it is strictly forbidden to disclose, copy, distribute, disseminate or take any other action against me on the basis of this profile and/or its contents."
The Berner Convention does not exist. However, there is the Berne Convention, which governs international copyright.
In 2012, the same type of message went viral on Facebook. It was a fake then, and it won't protect users' privacy now either. For more information on how to change your Facebook privacy settings go to facebook.com/help.