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User Info	2021: The Year In Review, And A Wee Light In The Tunnel; entered at 2021-12-28 11:59:34
Hungrylion Posts: 95 Registered: 2021-04-30	I am surprised that Karl did not make this as one of his predictions for 2022: CYBERATTACK Since Powell in april 2021 said Cyberattacks are the number-one threat to the global financial system, Fed chair says https://www.cnn.com.com/2.282.1/static/u.... Updated 1:31 PM ET, Mon April 12, 2021 In an interview that aired on CBS's "60 Minutes" on Sunday, Powell said the world has changed substantially since the days of the Great Recession. "I would say that the risk that we keep our eyes on the most now is cyber risk," Powell told CBS. "So you would worry about a cyber event. That's something that many, many government agencies, including the Fed and all large private businesses and all large private financial companies in particular, monitor very carefully, invest heavily in. And that's really where the risk I would say is now, rather than something that looked like the global financial crisis." And now recently on Dec 09, we have this story https://www.reuters.com/markets/europe/e.... EXCLUSIVE IMF, 10 countries simulate cyberattack on global financial system December 9, 2021 ERUSALEM, Dec 9 (Reuters) - Israel on Thursday led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks. The simulated "war game", as Israel's Finance Ministry called it and planned over the past year, evolved over 10 days, with sensitive data emerging on the Dark Web. The simulation also used fake news reports that in the scenario caused chaos in global markets and a run on banks. The simulation -- likely caused by what officials called "sophisticated" players -- featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters. "These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters. Israeli government officials said that such threats are possible in the wake of the many high-profile cyberattacks on large companies, and that the only way to contain any damage is through global cooperation since current cyber security is not always strong enough. "Attackers are 10 steps ahead of the defender," Micha Weis, financial cyber manager at Israel's Finance Ministry, told Reuters. Participants in the initiative, called "Collective Strength", included treasury officials from Israel, the United States, the United Kingdom, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives from the International Monetary Fund, World Bank and Bank of International Settlements. "The banks are appealing for emergency liquidity assistance in a multitude of currencies to put a halt to the chaos as counterparties withdraw their funds and limit access to liquidity, leaving the banks in disarray and ruin," the narrator said. The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies. ..... Since no one else has mentioned this, I am going to take ownership as a prediction for 2022. I don't see how its tin and I am kinda surprised there hasn't been a ticker on the Dec 09 article. This could be a way to implement a sudden change in reserve currency status, bail-ins, ...and so what do you think? 2021-12-28 11:59:34