Guest Post by Martin Armstrong
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’s online services could cause intense chaos across the world financial system, preventing banks and businesses from finalizing transactions and impeding basic banking functions.
Continue reading “The Outage at the Federal Reserve”
