"Banks are Waiting" - Thurs. PM TNT Thoughts/News 2/7/19

by **Ssmith** Fri Feb 08, 2019 8:22 am

TNT

BAP:
.... I was just in contact with a bank source of mine that said the US Treasury has instructed the banks to be "generous" with the number of people that they schedule to come work at the exchange centers. They were told not to "skimp" and provide the best service that they can for their customers.

RVAlready:
Well, the banks told Tony we were going today. But the banks say that almost every week.

Timth2lman:
Remember what Tony mentioned about the "boy crying wolf" statement he made…. they keep crying wolf and then one day.....the wolf actually shows up????

RVAlready:
I think the banks wind up being the victims at the moment. I do not know how much more they can speed this up without the budget.

Vinterv:
BANKS ARE WAITING LIKE WE ARE...THEY ARE NOT IN CHARGE, JUST FACILITATORS, NOT VICTIMS

IDK IF THE APPOINTMENT OF A NEW HEAD OF THE WORLD BANK IS OF IMPORTANCE...MAYBE JUST COINCIDENCE...IDK

RVAlready:
The guys in Iraq are waiting too. And I imagine they are not happy with the slowdown. Iraq is required to publish the budget, now that it is signed.

Vinterv:
THIS FEELS DIFFERENT THAN OTHER TIMES...DON'T YOU THINK? THIS FEELS DIFFERENT THAN OTHER TIMES...DON'T YOU THINK?

Eccle519:
The banks are just one little step above the Public so they are kept in the dark as well. What does make sense is the rate won't be revealed publically (imo) Gazette etc cuz that would cause global mayhem for Iraq. That's why the codes for exchange makes sense to me

Vinterv:
YEP AND IT CANNOT BE BROADCASTED OR EVERYONE WOULD KNOW AND CHAOS WOULD ENSUE?

Psychicgrama:
Okay here's what I found out with a phone call apparently the budget should already be recorded in the government Gazette however it may be weeks before we actually get to see it but that's not require we don't have to see it and for it to be legal….

He told me that a lot of people get confused with the gazette's that they're on the internet and it's not the same thing The Gazette is actually like our Congressional Record every law that is made or past has to be recorded for it to be finalized.

But it does not have to show up to be done…. once the government of Iraq tells the people the budget is in The Gazette that's been done they can go ask to see it or get a copy.Eventually it will be on line

DSM:
Wells Fargo's website is "temporarily unavailable"??? .....humm….....could be positive Service Outage.....Could have something to do with revamping their system for the preparation of the RV?

Ger:
https://www.foxbusiness.com/markets/wells-fargo-suffers-service-outage

RVAlready:
I doubt it is RV related. Big banking networks like that are bound to crash sometimes…. If it is just ATM and mobile and home banking, I would not panic. Those are often separate systems from the main banking system.

PaulW:
GM, The Wells Fargo breakdown is serious. Their whole systems seem to have crashed.

GrannyMommy:
Yup! Went to my WF website and it's down "due to technical difficulties" Hmmmm

Twocutecats:
The WF website is currently under maintenance: https://www.isitdownrightnow.com/wellsfargo.com.html

NWMontana:
Widespread Wells Fargo outage blamed on data center fire

Customers of US bank Wells Fargo have been left unable to access ATMs, or their online and mobile banking accounts due to a widespread outage.

The company's systems are believed to have been brought offline after a fire in one of the company's data centers in Shoreview, Minnesota. It is thought the outage is unrelated to a separate incident on February 1.

"2 burned"

Local media KULR-8 reports that an employee tipped them off to the reason for the unexpected outage - a fire.

"The literally fried the servers in Shoreview. Like [we had] to put out flames," an employee conversation shared by the tipster states. "And they don't have [back-up] servers, they shut them down."

Another message said: "The power went out. Generators didn't start. 2 burned. Rest have smoke damage and can't be started."

DCD has yet to independently confirm the story, although multiple Minnesotans on social media mentioned the fire prior to the publication of KULR-8's report.

Little information is publicly available on Wells Fargo's Shoreview data center. A 2010 planning document notes: "Currently, the Wells Fargo Campus includes a 400,000 square foot Operations Center, a retail bank, and a Data Center of 158,120 square feet.

"The addition would be one story with 16,580 square feet, of which 13,300 square feet would be fully enclosed to house the HVAC and electrical equipment. The addition will increase space for HVAC and electrical equipment needed to support the data processing equipment and to provide power if there is a power outage.

"It will increase the footprint of the building by approximately 10 percent. Security enhancements are proposed for the Data Center with an extended security fence and alteration of service drives throughout the site."

As of 2015, the company had closed some 100 small data centers as part of a consolidation initiative, that continues into 2020. Wells Fargo has also previously talked about its efforts to move to the cloud.

It is not clear why the failure of one data center caused services to go down, instead of failing over to another data center.

If you have further information about the incident, let us know confidentially at tips@datacenterdynamics.com

Update:

A Wells Fargo employee told DCD under condition of anonymity: "As of 7:30 EST- All 3 Wells Fargo Auto locations are down too (Chandler, AZ; Irving, TX; and Raleigh, NC). We heard as well that there was a fire at the Shoreview MN data center. There is no ETA as to when it will be fixed."

Update 2:

In a statement, Wells Fargo said: "We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience."

https://www.datacenterdynamics.com/news/widespread-wells-fargo-outage-blamed-data-center-fire/

Harambe:
CNBC: China and Russia loaned billions to Venezuela — and then the crisis started
https://www.cnbc.com/2019/02/07/venezuela-china-and-russia-owed-debts-as-presidential-fight-rages.html?

CNBC: Oil prices drop on rising US crude supply, but OPEC cuts support
https://www.cnbc.com/2019/02/07/oil-markets-us-crude-opec-us-sanctions-on-venezuela-in-focus.html?

Tishwash:
Just a little history about them and this is out of Iraq's news educating their citizens

Is it time for change in the IMF and the World Bank?

World Bank President Jim Young Kim decided to step down from office in early February, three and a half years before the end of his term. Although his resignation from the leadership of one of the two most powerful international financial institutions appears to be a worrying sign, For the "Guardian".

The IMF and the International Monetary Fund are the two pillars of the Bretton Woods system that ignited the revolution of capitalism and its golden age during the 1950s and 1960s. Although the system and the fixed exchange rate it adopted caused major problems in 1971, the two institutions continued to support the global financial sector .

Bretton Woods and the rejected proposal

- Former US Treasury Secretary Henry Morgenthau said in a speech at the Bretton Woods conference that laid down the rules of the World Bank and the International Monetary Fund: prosperity, such as peace, is indivisible, we can not afford to spread here or there among the lucky ones Only or enjoyed by some at the expense of others.

- The Bretton Woods original plan focused on exchange rate controls, and the International Monetary Fund (IMF) helped heavily indebted countries to restructure their commitments and stabilize stability by reducing capital flight.

- At the same time, the World Bank provided funding for development, focused on balancing the producer and consumer in the commodity market, and finally became the whole system in dollars, being the only American currency that can be exchanged for gold.

- The chief British negotiator at the Bretton Woods, John Maynard Keynes, was concerned that the new system could only be adopted on the dollar, which seems acceptable as long as the US achieves a trade surplus, but the system could collapse if the country turns into a deficit.

Keynes therefore suggested that instead of building a new world order based on the dollar, all major economies would participate in an international multilateral clearing-house consortium and, in keeping with their own currencies and central banks, would make all international payments using a common accounting unit.

- The United States did not want to replace the dollar as the key to the new monetary system, reducing the powers of the IMF to a mere fund to rescue defaulters. The World Bank was limited to lending from its reserves.

- After a huge trade deficit for the United States, President Richard Nixon declared the end of the Bretton Woods system on August 15, 1971, just as Keynes predicted, at the time known as the "Nixon" shock. Finance business.

- Instead of supporting governments and prosperity, the Bank and the International Monetary Fund (IMF) led the so-called Washington Consensus, a campaign to support large-scale privatization and deregulation, and officials said there were no real limits to what could be privatized.

The time has come for change

- Jim Young Kim was once a fierce critic of the Washington consensus and in his book "Death for Growth", he attacked the free market supported by the World Bank at the expense of the poor and the weak. But when he became president, Albeit against the public interest.

- The "Maximizing Financing for Development" strategy adopted in 2015 transformed the World Bank from a direct investor in developing countries into a facilitator of private financing. Instead of lending to governments, it focused on overcoming obstacles to projects. In a private equity firm makes sense.

But the man's decision should trigger a review of the role of the Bank and the International Monetary Fund today, and possibly reconsider the idea of Keynes. Today the world needs a huge investment program, as was the case in 1944, when the devastation and the effects of the war on many countries. 8 trillion dollars a year to achieve a shift towards clean energy.

- Certainly, these funds will not come from the budgets of overburdened countries, but, for example, a new Bretton Woods agreement could be secured to fund the desired shifts by pooling unutilized savings by linking the IMF and the World Bank with the development of their policies.

Kim's departure illustrates one thing: the World Bank is on the verge of abyss, with the rapid growth of new development banks that can fill the void of the international institution. So it seems time for progressive thinking to lead. link