Saturday, January 16, 2021

IN the NEWS - Global Threat Most Don't Speak About

Here is another Global Threat most don't bring up....with all the global turmoil from
pandemic to protests---what threat do Hackers pose to global economic stability? Could a Hacker bring down the Global Economy?...Or what IF we shift to this Digital Currency and a Hacker brings all crashing down?...hmmm...
And that no man might buy or sell, save he that had the mark,... Revelation 13:17... some sort of economic catastrophe must play a role in the end to cause an entire political economic adjustment to our system......doesn't mean Hackers have any part in the catastrophe...but who knows?

"You remember from a few years back that some hackers managed to get a hold of the Swift [Society for Worldwide Interbank Financial Telecommunication] credentials of Bangladesh Bank, the central bank of Bangladesh, and caused several tens of millions of dollars to disappear from Bangladesh Bank’s master account at the Federal Reserve Bank of New York
Some of the money was recovered, but some of it seems to have
disappeared into casinos in Macau—walked out the door and was never recovered. In this case it was not a failure of the Federal Reserve. Someone managed to get access to the Swift credentials of a bank that had an account at the Federal Reserve, and they drained that bank’s master account.
 
Almost all U.S. Treasuries do not exist in the form of a paper certificate—over 99.9% of them exist purely in electronic form. And Treasuries are the beating heart of the global financial system. Every country has its inventory of U.S. Treasuries. Treasuries are used as collateral for everything.
 
And yet, if you ponder that they exist entirely in electronic form, you’ve got to really start worrying about that electronic form.
 
The thing that I think worries me more is, could it systematically be corrupted by a hacker
 
So instead of having confidence in who is the beneficial owner of
every Treasury, [you might wonder] in whose possession is that Treasury at every moment in time?
Because that’s the core of the financial system: moving Treasuries around. But when you think about it, the Treasuries are electronic—they’re not actually being moved in physical space; there’s just a computer somewhere that’s keeping track of who owns them. 
And if someone could get into that record and cause us to lose confidence in who owns the Treasuries, that would be, I mean—it’s so hard to even think about that outcome—it would be so extreme and so dire."
BloombergMarkets