I've always loved the movie "The Bourne Identity," and especially the scene where Matt Damon tells his costar "I don't know who I am." And then she replies, "Well then let's work on it and figure it out".
In the business world, the "know your customer" rule is key. In a small town everyone knows you but in a larger town you have your drivers license. This has changed. Now you have to confirm your digital identity. a case study.
Recently I went to a brokerage firm to correct a detail on a custodial account. I showed the clerk my drivers license and he replied that that was not enough but needed to send me a 4 digit code to my cell phone. The problem was the cell tower was down and the cell phones did not work. I told him it was time to switch to rotary. He did not find that amusing. Finally he just got the code and brought it over to my phone. Presto.
The problem now is that we can't just switch to Rotary phones and for Wall Street the back up system in Jersey may be just fiction. America is not prepared for a digital holiday. Cash itself is a foreign concept.
Fiona Hill talked of this recently on Youtube. The preparedness level of Finland or Norway is very much higher than the United States. Our "just in time" culture is simply not ready for climate or digital chaos.
It's time to work on it. It's time to figure it out.
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