by Whitney Webb
The Last American Vagabond

Excerpts:

A report published last year by the WEF-Carnegie Cyber Policy Initiative calls for the merging of Wall Street banks, their regulators and intelligence agencies as necessary to confront an allegedly imminent cyber attack that will collapse the existing financial system.

In November 2020, the World Economic Forum (WEF) and Carnegie Endowment for International Peace co-produced a report that warned that the global financial system was increasingly vulnerable to cyber attacks. Advisors to the group that produced the report included representatives from the Federal Reserve, the Bank of England, the International Monetary Fund, Wall Street giants likes JP Morgan Chase and Silicon Valley behemoths like Amazon.

The ominous report was published just months after the World Economic Forum had conducted a simulation of that very event – a cyber attack that brings the global financial system to its knees – in partnership with Russia’s largest bank, which is due to jumpstart that country’s economic “digital transformation” with the launch of its own central bank-backed cryptocurrency.

More recently, last Tuesday, the largest information sharing organization of the financial industry, whose known members include Bank of America, Wells Fargo and CitiGroup, have again warned that nation-state hackers and cybercriminals were poised to work together to attack the global financial system in the short term. The CEO of this organization, known as the Financial Services Information Sharing and Analysis Center (FS-ISAC), had previously advised the WEF-Carnegie report that had warned much the same.

Such coordinated simulations and warnings from those who dominate the current, ailing financial system are obvious cause for concern, particularly given that the World Economic Forum is well-known for its Event 201 simulation about a global coronavirus pandemic that took place just months prior to the COVID-19 crisis.

The COVID-19 crisis has since been cited as the main justification for accelerating the “digital transformation” of the financial and other sectors that the Forum and its partners have promoted for years. Their latest prediction of a doomsday event, a cyber attack that stops the current financial system in its tracks and instigates its systemic collapse, would offer the final yet necessary step for the Forum’s desired outcome of this widespread shift to digital currency and increased global governance of the international economy.

Given that experts have been warning since the last global financial crisis that the collapse of the entire system was inevitable due to central bank mismanagement and rampant Wall Street corruption, a cyber attack would also provide the perfect scenario for dismantling the current, failing system as it would absolve central banks and corrupt financial institutions of any responsibility. It would also provide a justification for incredibly troubling policies promoted by the WEF-Carnegie report, such as a greater fusion of intelligence agencies and banks in order to better “protect” critical financial infrastructure.

Considering the precedent of the WEF’s past simulations and reports with the COVID-19 crisis, it is well worth examining the simulations, warnings and the policies promoted by these powerful organizations.

“Not a Question of If but When”

The Cyber Policy Initiative’s November 2020 report is officially titled “International Strategy to Better Protect the Financial System.” It begins by noting that the global financial system, like many other systems, are “going through unprecedented digital transformation, which is being accelerated by the coronavirus pandemic.”

It then warns that:

Malicious actors are taking advantage of this digital transformation and pose a growing threat to the global financial system, financial stability, and confidence in the integrity of the financial system.

Malign actors are using cyber capabilities to steal from, disrupt, or otherwise threaten financial institutions, investors and the public. These actors include not only increasingly daring criminals, but also states and state-sponsored attackers.

Followed by this warning of “malign actors”, the report notes that “increasingly concerned, key voices are sounding the alarm.” It notes that Christine Lagarde of the European Central Bank and formerly of the IMF warned in February 2020 that “a cyber attack could trigger a serious financial crisis.”

A year prior, at the WEF’s annual meeting, the head of Japan’s central bank predicted that “cybersecurity could become the financial system’s most serious risk in the near future.” It also notes that in 2019, Jamie Dimon of JP Morgan Chase similarly labeled cyber attacks as possibly “the biggest threat to the US financial system.”

Not long after Lagarde’s warning, in April 2020, the Financial Stability Board asserted that “cyber incidents pose a threat to the stability of the global financial system” and that “a major cyber incident, if not properly contained, could seriously disrupt financial systems, including critical financial infrastructure, leading to broader financial stability implications.”

The WEF-Carnegie report authors add to these concerns that “the exploitation of cyber vulnerabilities could cause losses to investors and the general public” and lead to significant damage to public trust and confidence in the current financial system. It also notes, aside from affecting the general public in a significant way, this threat would impact both high-income countries and low to lower-middle income countries, meaning its impact on the masses will be global in scope.

The report then ominously concludes that “one thing is clear: it is not a question of if a major incident will happen, but when.”

“Reducing Fragmentation”: Merging Banks with their Regulators and Intelligence Agencies

Given the inevitability of this destructive event predicted by the report’s authors, it is important to focus in on the solutions proposed in the WEF-Carnegie report as they will become immediately relevant if this event, as predicted by the WEF and Carnegie Endowment, does come to pass.

Some of the solutions proposed are to be expected from a WEF-linked policy document, such as the calls for increased public-private partnerships and greater coordination among regional and international organizations as well as increased coordination between national governments.

However, the main “solution” at the heart of this report, and also at the heart of the WEF-Carnegie initiative’s other endeavors, is a call to fuse corporate banks, the financial authorities that essentially oversee them, tech companies and the national security state.

The report’s authors first argue that the main vulnerability of the global financial system at present is “the current fragmentation among stakeholders and initiatives” and that mitigating this threat to global system lies in reducing that “fragmentation.” The report argues that the way to resolve the issue requires massive re-organization of all “stakeholders” via increased global coordination. The report notes that the “disconnect between the finance, the national security and the diplomatic communities is particularly pronounced” and calls for much closer interaction between the three.

It then states that:

“This requires countries not only to better organize themselves domestically but also to strengthen international cooperation to defend against, investigate, prosecute and ideally prevent future attacks. This implies that the financial sector and financial authorities must regularly interact with law enforcement and other national security agencies in unprecedented ways, both domestically and internationally.”

Some examples of these “unprecedented interactions” between banks and the national security state are included in the report’s recommendations. For instance, it argues that “governments should use the unique capabilities of their national security communities to help protect FMIs [financial market infrastructures] and critical trading systems.”

It also calls for “national security agencies [to] consult critical cloud service providers [like WEF-Carnegie initiative partner Amazon Web Services] to determine how intelligence collection could be used to help identify and monitor potential significant threat actors and develop a mechanism to share information about imminent threats” with tech companies.

The report also states that “the financial industry should throw its weight behind efforts to tackle cyber crime more effectively, for example by increasing its participation in law enforcement efforts.”

On that last point, there are indications this has already begun. For instance, Bank of America, the second largest bank in the US and part of the WEF-Carnegie Initiative and FS-ISAC, was reported to have “actively but secretly engaged” with US law enforcement agencies in the hunt for “political extremists” following the January 6th events at Capitol Hill. In doing so, Bank of America shared private information with the federal government without the knowledge or consent of its customers, leading critics to accuse the bank of “effectively acting as an intelligence agency.”

Yet, arguably the most troublingly part of the report is its call to unite the national security apparatus and the finance industry first, and then use that as a model to do the same with other sectors of the economy. It states that “protecting the international financial system can be a model for other sectors,” adding that “focusing on the financial sector provides a starting point and could pave the way to better protect other sectors in the future.”

Were all the sectors of the economy to also fuse with the national security state, it would inevitably create a reality where there is no part of daily human life that is not ultimately controlled by these two already very powerful entities. This is a clear recipe for techno-fascism on a global scale. As this WEF-Carnegie report makes clear, the roadmap regarding how to cook up such a nightmare has already been charted out in coordination with the very institutions, banks and governments that currently control the global financial system.

Not only that, but – as pointed out in Unlimited Hangout‘s article on Cyber Polygon – the World Economic Forum and many of its partners have a vested interest in the systemic collapse of the current financial system. In addition, many central banks have recently backed new digital currency systems that can only achieve rapid, mass adoption if the existing system collapses.

Given that these systems are set to be integrated with biometric IDs and so-called “vaccine passports” through the WEF and Big Tech-backed Vaccine Credential initiative, it is worth considering the timing of the expected launch of such systems in determining when this predicted and allegedly inevitable event is likely to occur.

With this new financial system so deeply inter-connected to these “credential” efforts, this cyber attack on the financial sector would likely take place at a time when it would best facilitate the adoption of the new economic system and its integration into credential systems currently being promoted as a “way out” of COVID-19-related restrictions.

Read the full article at The Last American Vagabond.

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