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IPFS News Link • Central Banks/Banking

IMF, World Bank & 10 Countries Held Alarming "Simulation" Of Global Financial System Colla

• https://www.zerohedge.com, by Tyler Durden

At the very least it's curious timing: amid the recent pandemic induced disruption in global supply chains, powerful nations and banking institutions decided to get together to run a global economic collapse scenario. 

The report described that Israel led a "10-country simulation of a major cyber attack on the global financial system in an attempt to increase cooperation that could help to minimize any potential damage to financial markets and banks." It was centered on a catastrophic scenario in which "hackers were 10 steps ahead of us," according to one official who took part.

Dubbed "Collective Strength", the exercise was held in Jerusalem (after being moved from the original proposed location of Dubai) and included the participation also of the United States, UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand. Officials from the International Monetary Fund (IMF), World Bank and Bank of International Settlements were also involved.

The financial-geopolitical gaming simulation was set amid a scenario where sensitive data was leaked on the Dark Web, which combined with "fake news" reports going viral across societies, resulting in the collapse of global markets and an ensuing run on banks. Further, the simulation envisioned a series of devastating hacks targeting global foreign exchange systems, which also disrupted transactions between importers and exporters, according to Reuters.

The simulation set out a severe crisis period lasting about a week-and-a-half. Events were guided by a film and narrator which related the fast moving 'live' events...

"These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters.


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