The utterly massive computer systems failure that took place Thursday night into Friday morning has caused massive economic displacement; millions of people did NOT get their paychecks deposited into their bank accounts!
The Global economy is seeing signs it is being crippled by this IT outage; which we are now told, could last days.
It remains unclear how widespread the payroll disruption is, but Melanie Pizzey, the founder and CEO of GPA said her company had received complaints from a number of clients who couldn't access their payroll software because of the outage.
Payroll systems typically need to be notified of any issues that would stop direct deposits from going through at least two days before the payday for the issue to be resolved in time.
Depending on the length of this outage, it could have very serious implications for businesses across the nation, particularly those who process payroll on a weekly basis,'' Pizzey said.
'Furthermore, we could see a backlog with regard to processing payrolls for the coming month end which may delay employees from receiving their monthly wage.'
George Kurtz, the CEO of the software company whose bug caused the issues, said it could be weeks before systems are back up and running.
Meanwhile, issues with Visa and Zelle are not allowing people to make or receive payments, and there's no estimated timeframe for when they'll be back up and running.
The outage first started with Microsoft, leading many people to believe that the company's systems were at fault, but within hours, Crowdstrike admitted that an update to its 'Falcon Sensor,' which searches for viruses and malicious attacks was to blame.
HAL TURNER ANALYSIS: THE SIZE OF THIS SITUATION IS HUGE
I don't think many people fully grasp how big this is.
Around a billion computers are "bricked: worldwide, mostly corporate ones. When I say "bricked" I mean, they're the equivalent of a brick; they just sit there and can do nothing.
This isn't just an online service going down for a few hours. Every affected computer needs to be rebooted in fail mode and have a driver manually removed.
Most corporate computers given to employees don't let users do this themselves. Even if they could, imagine every double-digit IQ wagie trying to handle a moderately complex task when many don't even know what a file is anymore.
I can't stress enough the scale of this happening.
What happens when a billion people can't make their mortgage payment because they haven't been paid?
See where this __could__ go?
