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News Link • Government Debt & Financing

This Alert is Several Days Old But, It Has Taken On A New Level of Gravitas

Aug. 1, 2011 Anonymous Hi steve, I work in the global network operations center of one of the largest US, banks. I oversee the group that manages the high tech software that monitors the 50k+ devices that make up its golbal network infrastructure. We received an urgent notice that, effective immediately and until further notice, there is a freeze on all configuration changes, for all network devices across the globe, that have a role in the trading of US Treasury (interest rate sensitive) instruments, US debt securities, equities and all capital markets. This is "in response to the US Treasury debt crisis" the folks in D.C. are arguing about like soiled children. To put it into perspective, we see roughly 1000 changes every week, so this is a pretty big freeze and very much out of the ordinary. You can see this action as just good business sense or, maybe, as an indication of the threat our level of debt poses to the World's financial system and our way of life. Even if nothing happens on 8/2, this should serve as confirmation that US banks are very much on edge. And we should be too. Just wanted to pass that along. Thanks for what you do.

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