Reuters news service says that thieves gained access to the Bangladesh central bank’s computer systems on February 4th and 5th, and pulled off a $1 billion heist. The thieves stole the credentials needed to authorize payment transfers, and then asked the Federal Reserve Bank of New York to make money transfers from the Bangladeshi bank’s account with the Fed to accounts at other financial institutions overseas.
What I want to know is this…
One billion dollars in hundred dollar bills weighs eleven tons. How did the thieves instantly and effortlessly move eleven tons of money around the world, and deposit it at the teller windows of numerous banks in numerous different countries?
This brings up another question. The U.S. government will spend $ 4 trillion in FY 2016. Four trillion dollars (in hundred-dollar bills) weighs 44,000 tons (not pounds). And the national debt of $19 trillion means that we owe China 209,000 tons of hundred-dollar bills.
I have long puzzled about this, and I have checked countless freight trains, but I have never seen one of those money trains. That’s how clever the U.S. government is. But still, how did those thieves move eleven tons of money around the world? How did they even travel to so many countries so fast?
And where will we ever get 209,000 tons of hundred-dollar bills to pay off China?
One idiot blogger claims that money isn’t physical, and therefore money is limitless. Obviously that’s nonsense. What does that idiot think the item below is? I can actually hold it in my hand!
Seriously, this is how the average person thinks of money; namely as something physical and limited. My figures are correct concerning the physical weight of hundred-dollar bills. Therefore, if money was physical, then the U.S. government would have to move 44,000 tons of money each year, and take back 39,600 tons as taxes.
Few people stop to think about this. And if you point it out to them, they reject the facts.
If money is not physical, then money can be created out of thin air, and destroyed by sending it back into thin air. Money can also be moved instantly and effortlessly, like the $1 billion heist mentioned above. And if money can be created out of thin air, then the U.S. government has no need or use for tax revenues.
But if you point this out to people, they angrily reject the facts.
This is why the 1% rule the 99%.
Incidentally the heist was partially foiled when one of the hackers misspelled a word in an online payment transfer request.
Bangladesh Bank has billions of dollars in a current account with the Fed, which Bangladesh Bank uses for international settlements. The hackers made four requests to transfer a total of about $81 million to the Philippines. Those requests went through, and that money was transferred to casinos, and is now gone. (Gangsters and drug dealers love casinos because casinos can be used to launder money with no trail.)
However a fifth request, for $20 million, to a fictitious Sri Lankan non-profit organization (the Shalika Foundation) was held up because the hackers misspelled the name as “fandation.” The routing bank (Deutsche Bank) asked for confirmation, which allowed Bangladesh’s central bank to stop that transaction.
Some of the requests waiting to be processed — amounting to a total of between $850 million and $870 million — were also halted. So if it weren’t for that typo, the attackers might have escaped with a heist almost as big as the heists that we routinely see on Wall Street.
Still, they got away with at least $80 million. Bangladesh Bank claims to have recovered some of the money that was stolen, and is working with anti-money laundering authorities in the Philippines to try to recover the rest. They said there is little hope of ever catching the hackers, and it could take months before any money is recovered, if at all. The perpetrators had deep knowledge of the Bangladeshi institution’s internal workings, likely gained by spying on bank workers.
The Bangladesh government is blaming the Fed for not stopping the transactions earlier. Finance Minister Abul Maal Abdul Muhith says Bangladesh may resort to suing the Fed to recover the money.
The Fed says they did nothing wrong.
Last year, Russian computer security company Kaspersky Lab said a multinational gang of cyber criminals had stolen as much as $1 billion from as many as 100 financial institutions around the world in about two years.
By the way, there are two types of people that fanatically attack Trump.
 Political insiders who feel threatened by Trump.
 Democrats who want to distract you from the evil monstrosity that is Queen Bitch Hillary.
As a result, many Republicans say they will vote for Hillary before they vote for Trump.
And many anti-Republicans (like me) say we will vote for Trump before we vote for Hillary.