Hi there. In this post, I cover the topics of technology, the economy, weak points in the economy and points of failure.
The motivation behind this post is mainly from the Rogers Communications outage here in Canada from Friday July 8, 2022. Millions who were on the Rogers network lost access to TV, cable, internet, 911 calls and phone services. This affected users, families, business, banks and governments. Some of the motivation behind this post is based from world economic news like farmer protests in Netherlands, protests in Sri Lanka and supply chain disruptions.
Topics
- Technological Modern World
- Panic Without Technology
- Cash Is Important
- Energy Is Important
Technological Modern World
Today's modern and developed world is fill with technology. Technology is in our homes, schools, workplaces, grocery stores, in our modes of entertainment and so on. A lot of the technology we have today makes tasks much easier and faster compared to doing tasks without technology.
A big part of modern technology is the internet. The Internet allows for sharing of information at fast speed. Many people use the internet for buying and selling good and services. It is also a source of entertainment with services like Youtube, Rumble and other video providers.
Panic Without Technology
The Rogers network being down did affect a lot of various groups. There is one group who could not access Instagram, Facebook, social media, Tiktok and texting. There are other groups who did rely on telecommunications and internet for their work. Companies, banks and government services that did rely on Rogers services could not communicate with customers nor conduct transactions. Calls for 911 emergencies were not available for some. It is a bit scary and mindblowing that multiple industries can malfunction due to a network failure from a single telecommunications company. Interdependence of systems and relationships can break down quickly when weak points are exposed.
Cash Is Important
There is a connection with the increasing usage of automation, self-serve checkouts and cashless transactions. Service people are being replaced with robots, machines and software. Businesses that were heavily dependent on the Rogers network and credit cards found themselves not being able to accept transactions nor do any business. Some businesses quickly adapted with accepting cash payments (and sometimes debit payments) in efforts to stay somewhat operational.
Cash does have its advantages in a power outage scenario. Physical cash (along with gold and silver) cannot be hacked. A cashless society sounds like a really bad idea. Why go all in with just digital payment methods? Isn't diversification important? In a power outage scenario, cash transactions does allow for some circulation of money in the economy. Barter exchanges also help in a power outage.
Energy Is Important
I do think that there are many that take energy for granted. Energy is important for lighting, heating, cooking, transportation, internet and for powering up phones, televisions and computers. As much as phone addicts need their phones, they need energy in order for telecommunications networks to keep the internet access available. Energy is one of the most important things as a part of a functioning modern society and economy.
