WEF Warns of Cyber Attack Leading to Systemic Collapse of the Global Financial System

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by Whitney Webb, Activist Post:

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.

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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 digital currency.

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. The remainder of this article will examine the WEF-Carnegie report from November 2020, while a follow-up report will focus on the more recent FS-ISAC report published last week. The WEF simulation of a cyber attack on the global financial system, Cyber Polygon 2020, was covered in detail by Unlimited Hangout in a previous report.

The WEF-Carnegie Cyber Policy Initiative

The Carnegie Endowment for International Peace, is one of the most influential foreign policy think tanks in the United States, with close and persistent ties to the US State Department, former Presidents, corporate America and American oligarch clans like the Pritzkers of Hyatt hotels. Current trustees of the endowment include executives from Bank of America and CitiGroup as well as other influential financial institutions.

In 2019, the same year as Event 201, the Endowment launched its Cyber Policy Initiative with the goal of producing an “International Strategy for Cybersecurity and the Global Financial System 2021-2024.” That strategy was released just months ago, in November 2020 and, according to the Endowment, was authored by “leading experts in governments, central banks, industry and the technical community” in order to provide a “longer-term international cybersecurity strategy” specifically for the financial system.

The initiative is an outgrowth of past efforts of the Carnegie Endowment to promote the fusion of financial authorities, the financial industry, law enforcement and national security agencies, which is both a major recommendation of the November 2020 report and a conclusion of a 2019 “high-level roundtable” between the Endowment, the IMF and central bank governors. The Endowment had also partnered with the IMF, SWIFT, Standard Chartered and FS-ISAC to create a “cyber resilience capacity-building tool box” for financial institutions in 2019. That same year, the Endowment also began tracking “the evolution of the cyber threat landscape and incidents involving financial institutions” in collaboration with BAE Systems, the UK’s largest weapons manufacturer. Per the Endowment, this collaboration continues into the present.

In January 2020, representatives of the Carnegie Endowment presented their Cyber Policy Initiative at the annual meeting of the World Economic Forum, after which the Forum officially partnered with the Endowment on the initiative.

Advisors to the now joint WEF-Carnegie project include representatives of central banks like the US Federal Reserve and the European Central Bank; some of Wall Street’s most infamous banks like Bank of America and JP Morgan Chase; law enforcement organizations such as INTERPOL and the US Secret Service; corporate giants like Amazon and Accenture; and global financial institutions like the International Monetary Fund (IMF) and SWIFT. Other notable advisors include the managing director and head of the WEF’s Centre for Cybersecurity, Jeremy Jurgens, who was also a key player in the Cyber Polygon simulation, and Steve Silberstein, the CEO of the Financial Services Information Sharing and Analysis Center (FS-ISAC).

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