Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Wall Street oblivious to cyber-economic warfare --danger facing America's financial system
wnd ^ | 1 8 2014 | Kevin D. Freeman

Posted on 01/12/2014 7:36:12 AM PST by dennisw

On Dec. 15, Gen. Keith Alexander, the head of the National Security Agency, told “60 Minutes,” “A foreign national could impact and destroy a major portion of our financial system … and literally take down the U.S. economy.”

Another NSA official, Deborah Plunkett, told CBS, “Don’t be fooled. There are absolutely nation-states who have the capability and the intention” to accomplish the kind of attack Gen. Alexander warned about.

Our intelligence agencies have ample indications that parties in Russia, China and elsewhere have plans in place for financial warfare by cyber and other means against our economy. I wrote a report for the Pentagon’s Irregular Warfare Support Group in 2009 outlining this threat and have provided follow-up reports to the Defense Intelligence Agency, the FBI and multiple other agencies. These things are clear:

Foreign nations and certain terror groups can and do have the capability of conducting financial warfare against our economy. We do not have a comprehensive deterrent to prevent such attacks. Under the right circumstances, such an attack could destroy our economy and therefore our way of life.

Wall Street either doesn’t believe Alexander’s warning or is simply oblivious to these national security issues. The threat, however, is well-documented.

In 2008, during the midst of the financial crisis, the Russians dumped their U.S. bond holdings in Fannie Mae and Freddie Mac and encouraged China to do the same. Former Treasury Secretary Henry Paulson admitted in his memoirs, “On the Brink,” that this was a “disruptive scheme” aimed to take down our economy. Fortunately, China didn’t go along, and our markets have recovered. But there’s no doubt that they considered it carefully. Had China pulled the trigger, the effect would have been devastating. Chinese holdings of U.S. government agency paper were around $450 billion at the time.

(Excerpt) Read more at wnd.com ...


TOPICS: Business/Economy
KEYWORDS:

1 posted on 01/12/2014 7:36:12 AM PST by dennisw
[ Post Reply | Private Reply | View Replies]

To: dennisw
Maybe one day we can decentralize our financial system:

A beginner's guide to bitcoin

2 posted on 01/12/2014 7:51:57 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw
From the article, 'Explaining the Flaw in Kevin Drum's Climate Chart.'

Here are the individual performances of each president since 1948:
1948-1952 (Harry S. Truman, Democrat), +4.82%
1953-1960 (Dwight D. Eisenhower, Republican), +3%
1961-1964 (John F. Kennedy / Lyndon B. Johnson, Democrat), +4.65%
1965-1968 (Lyndon B. Johnson, Democrat), +5.05%
1969-1972 (Richard Nixon, Republican), +3%
1973-1976 (Richard Nixon / Gerald Ford, Republican), +2.6%
1977-1980 (Jimmy Carter, Democrat), +3.25%
1981-1988 (Ronald Reagan, Republican), 3.4%
1989-1992 (George H. W. Bush, Republican), 2.17%
1993-2000 (Bill Clinton, Democrat), 3.88%
2001-2008 (George W. Bush, Republican), +2.09%
2009 (Barack Obama, Democrat), -2.6%

Let’s put this data in a chart:


3 posted on 01/12/2014 8:56:15 AM PST by Jack Hydrazine (Pubbies = national collectivists; Dems = international collectivists; me = independent conservative)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dennisw

Why should Wall Street care about anything? The US citizenry has made it clear that Wall Street is the enemy and as a result, Wall Street likely is indifferent to the economic condition to the US.


4 posted on 01/12/2014 11:19:27 AM PST by CorporateStepsister (I am NOT going to force a man to make my dreams come true)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson