50 Things That Made the Modern Economy SWIFT
Nov 11, 2019
Discover how SWIFT revolutionized international banking by enhancing the security and reliability of financial communications. Explore the historical challenges that led to its creation and the geopolitical implications of its global reach. Learn about the evolution of financial messaging, from outdated technologies to modern solutions. Delve into the intricate relationship between banking and politics, and uncover the creative processes influenced by these changes in the financial landscape.
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Infrastructure Is Invisible Until Failure
- Vital infrastructure often goes unnoticed until it breaks.
- Tim Harford says the Citibank payment system mattered only when its vacuum tube blocked.
Blocked Vacuum Tube Stopped Payments
- A vacuum tube blockage halted Citibank's inter-floor payment confirmations.
- Staff restored operations with the help of a chimney sweep.
Costly Telegraph Coding Mistake
- Frank Primrose's coded telegraph caused a disastrous wool purchase.
- He lost $20,000 after refusing to pay for message verification.