{"id":56928,"date":"2021-02-27T09:07:36","date_gmt":"2021-02-27T14:07:36","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56928"},"modified":"2021-03-01T20:17:38","modified_gmt":"2021-03-02T01:17:38","slug":"the-outage-at-the-federal-reserve","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56928","title":{"rendered":"The Outage at the Federal Reserve"},"content":{"rendered":"
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The Outage at the Federal Reserve<\/a><\/h3>\n<\/div>\n
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The outage of the National Settlement Service and the Fedwire Securities Service, which provides issuance, settlement, and transfer services for Treasuries and other government securities, was down and this has caused some concern and then conspiracy theories mixed in. The Fed made progress reversing the shutdown within a couple of hours, however, this has illustrated that a long-term outage of the Fed\u2019s online services could cause intense chaos across the world financial system, preventing banks and businesses from finalizing transactions and impeding basic banking functions.<\/p>\n

The Federal Reserve said an outage of its key financial services on Wednesday was caused by a maintenance mistake and it is taking steps to prevent a recurrence. The official statement read:<\/p>\n

\u201cThe incident was caused by an operational error involving an automated data center maintenance process that was inadvertently triggered during business hours,\u201d a Fed spokeswoman said. Such tasks are normally performed after-hours, she said, adding, \u201cThis was human error.\u201d<\/em><\/p>\n

\u201cOur technical teams have determined that the cause is a Federal Reserve operational error,\u201d the Fed said on Wednesday on its website. \u201cThe Federal Reserve Banks have taken steps to help ensure the resilience of the Fedwire and NSS applications, including recovery to the point of failure.\u201d<\/em><\/p>\n

There was no power-outage so it does appear that the Federal Reserve was honestly calling it a disruption due to an \u2018operational error\u2019. This raises the issue of concern surrounding digital currency. Indeed,\u00a0solar flares<\/b>\u00a0and other\u00a0solar<\/b>\u2013mass ejections<\/strong>\u00a0that travel through space\u00a0can<\/b>\u00a0overwhelm Earth\u2019s atmosphere and generate powerful\u00a0electric<\/b>\u00a0and magnetic fields<\/strong>. These magnetic storms\u00a0can<\/b>\u00a0occasionally be intense enough to disrupt the operation of\u00a0high-voltage<\/strong>\u00a0electricity<\/b>\u00a0lines. A digital currency system could be brought to its knees with an EM attack.<\/p>\n

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(see report<\/strong><\/a>)<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

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The Outage at the Federal Reserve The outage of the National Settlement Service and the Fedwire Securities Service, which provides issuance, settlement, and transfer services for Treasuries and other government securities, was down and this has caused some concern and then conspiracy theories mixed in. The Fed made progress reversing the shutdown within a couple […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[5496,15611,1103,1915,1914,303,5479,643,1574,739,827,3650],"class_list":["post-56928","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-armstrong-economics","tag-cryptocurrency","tag-electricity","tag-electromagnetic-pulse","tag-emp","tag-fed","tag-martin-armstrong","tag-power","tag-power-grid","tag-solar-flare","tag-united-states","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56928"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56928\/revisions"}],"predecessor-version":[{"id":56954,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56928\/revisions\/56954"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}