Think of all of your monetary wealth:
All of these monetary instruments are controlled by computers. Less than 3% of all money in the system is actually printed. That means 97% of US dollars are electronic.
These are the paper assets that you count on to be there when you need them, now and in the future.
Now imagine they are all wiped out in a nanosecond by a cyber attack that erases all financial data and fries the interlinked banking and financial systems.
The public thinks that these systems are impenetrable. Think again. This isn’t science fiction, this is science fact. It has already happened. The US Government’s military defense system was hacked into and controlled for a few days! One banking system was hacked to the tune of $10 million. These attacks are common and worldwide. In this report from 60 minutes in November of 2009, an ex-government official acknowledges the vulnerability of our internet based security.
Scenario, you go to your bank, they have no records. All the bank loans and records are erased the bank has no information of what they owe you or who owes them. Your brokerage account and the stock exchanges have no record of who owns what, and so on down each layer of the financial system. FDIC is broke and they don’t have a clue as to how to restore the system. You’re left with the money in your pocket and any physical gold you own. �
Even though this 60 minute segment is old I thought that it is good for us to be aware of. There are a million scenarios that can happen, but if we have a plan we can succeed. Those without plans and protections in place will be in trouble. I urge you to acquire physical gold. Then at least you are prepared for anything.
PART 1 http://www.youtube.com/watch?v=vbOLlNtRcQA
We believe that everyone deserves a properly developed strategy for financial safety.
Chief Market Analyst, ITM Trading