How China hacked the U.S. treasury
| | | | China is responsible for nearly 20% of cyber-attacks around the world, and oftentimes their target is the U.S.
Most recently, Chinese hackers successfully targeted the U.S. Treasury Department.
As usual, China denied any involvement.
They called the accusation "baseless accusations lacking evidence" and said it "consistently opposes all forms of hacking."
But, according to U.S. officials, the hackers were able to override protections using a security key from a third-party service called BeyondTrust.
Unfortunately, it took three days for the Treasury Department to determine that it had been hacked.
During that time the Chinese hackers were able to remotely access Treasury Department workstations and documents that were used by employees.
U.S. officials said it looked like China was trying to gather intel, and not necessarily looking to steal money.
The U.S. Treasury took BeyondTrust offline and believes China no longer has access to the system.
If China wreaked havoc on the U.S. Treasury Department, it could cause a collapse.
Considering this, here are a few ways Americans would be affected if the Treasury Department collapsed.
Immediate job loss:
If the Treasury Department collapsed millions of Americans would likely lose their jobs within the first week.
The number of jobless Americans would continue to grow the longer it went on.
That’s why it’s crucial to prepare for a sudden job loss by having at least six months' worth of living expenses in savings.
In addition, start thinking now about what type of temporary or gig work you could find.
For instance, if you work in IT you might want to start networking now and doing small work on the side.
Develop relationships that you could turn to for work after a job loss.
Don’t just rely on the savings, come up with other ways to have an income.
Dollar value:
The U.S. dollar has dominated global currency since World War II, and the high demand for the dollar tends to make it more valuable than other currencies.
Sixty percent of the World’s central banks use the dollar and many merchants in foreign countries demand payment in dollars because it's reliable.
But if the Treasury Department collapsed it would initially cause the dollar to rise.
A rising dollar would trigger a crisis around the world because foreign countries that use the dollar would have a hard time repaying dollar loans.
This is why it’s important to diversify your emergency funds.
In addition to cash, I recommend gold and silver and other items that can be used as currency.
Healthcare affects:
In the event of the U.S. Treasury collapsing those who receive federal government benefits would have the payments suspended.
This would include Social Security, Medicare, and Medicaid.
And delays in payments would affect healthcare providers.
For example, doctors might be reluctant to treat patients if they don’t get paid.
This is why I would consider asking your primary doctor about a cash payment option.
Find out if they accept cash clients and what their policies are.
Inquire now so that you are prepared in the event your primary healthcare is suspended or disappears entirely.
Also, it’s worth creating a little savings just for healthcare needs.
It’s not surprising that China has already tested its ability to hack into the U.S. Treasury Department.
But next time, it could be much worse, so it’s best to prepare now for that eventuality.
Here’s how I prepare my finances to weather an emergency or economic collapse.
| | | | | Jason Hanson
Editor, Black Bag Confidential
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