From Boom Financial<\/p>\n
The global computer crash last week proved the value and utility of physical cash. Long term readers will know that BOOM is a strong supporter of physical cash. It has many economic and social benefits, often overlooked. Politicians and their advisers seem blind to the importance of cash as a buffer to excessive credit creation.<\/p>\n
Last week\u2019s botched software update by Crowdstrike showed us just how fragile our electronic world has become. One single point of failure almost brought whole economies to a standstill.<\/p>\n
Crowdstrike shares were hammered \u2014 down by 16 % over the week with more to come next week, presumably.<\/p>\n
CrowdStrike said that 8.5 million devices were affected from it\u2019s botched software update. The outage led to over 1,500 cancelled flights in the US and many thousands more around the Globe. Many passengers were left stranded in airports. Hospitals, GPs, pharmacies, banks, supermarkets and millions of businesses were also affected. CrowdStrike said the outage was caused by a defect in an update to its \u201cFalcon\u201d cybersecurity defence software for Windows hosts.<\/p>\n
People with no physical cash were left stranded by the defunct payment system, unable to buy food or drinks. That is a disturbing experience and one which BOOM never wants to see again. Politicians must take note and make sure that this never happens again. Everyone should be encouraged to use physical cash and merchants must be encouraged to always accept it.<\/p>\n
This was a big lesson that the so-called \u201ccashless economy\u201d is a very flawed concept. Merchants MUST ensure that cash is always an option. This crisis lasted only a short time but the system is clearly weak, fragile and susceptible to failure. Next time (if there is such a thing), IT systems could become non-operational for days \u2013 or (gasp) weeks in a worse case situation.<\/p>\n
More on CASH is KING ( PHYSICAL CASH) in the comment section<\/p>\n
This Boom Guy has a unique perspective on cash. Never understood any of this before. ARROGANT TOO<\/p>\n
BOOM never recommends other economic commentators. Why? Because BOOM is unable to find anyone, anywhere, who is worth reading or paying any attention to. Most belong to obscure economic religions and simply regurgitate the dogma of whatever \u201cschool\u201d of economics they adhere to. Sadly, economics is largely an intellectual wasteland, devoid of curiosity.<\/p>\n
CASH USE IN SOUTH AFRICA<\/p>\n
From Boom Financial The global computer crash last week proved the value and utility of physical cash. Long term readers will know that BOOM is a strong supporter of physical cash. It has many economic and social benefits, often overlooked. … Continue reading ![\"\"](\"https:\/\/goldtadise.com\/wp-content\/uploads\/2024\/07\/cash.png\")
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