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Video: The Global Payment System Is Vulnerable to Attack

Global Payment System
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EDITOR NOTE: Guggenheim Partners CIO Scott Minerd says he’s worried about the “sustainability of the global payment system,” in an interview with Bloomberg's Sonali Basak on "The Next Big Risk.” He notes that with all the hacks and terror attacks recently, we are “extremely vulnerable to having an attack against the payment systems of the financial markets.” Minerd says this could happen in the U.S. or elsewhere around the globe that would “bring the global financial markets to its knees.” If this happens, “securities prices would crash, and we’d probably have to close all the exchanges in the world.” The biggest issue in all this for Minerd is that nobody is focused on this massive problem, and the degree of international cooperation it would take to remedy seems unattainable in today’s political climate around the world. 

Sep.29 -- Guggenheim Partners CIO Scott Minerd worries that outdated technologies have led to extreme vulnerabilities in global payment systems. He tells Bloomberg's Sonali Basak he sees a high probability of an attack on these systems that could cause markets to crash. He's on "The Next Big Risk.”

Originally Posted on Youtube by Bloomberg Markets and Finance

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