Investment Expert: US Financial System Ripe for Cyber-Attack

Monday, 06 Jan 2014 04:22 PM

By Bill Hoffmann

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The U.S. financial system is vulnerable to a crippling cyber-attack and Americans must be prepared for it, says Kevin Freeman, founder and CEO of Freeman Global Investment Counsel.

"The means [by which] we could be attacked are multiple," Freeman told "The Steve Malzberg Show" on Newsmax TV.

"What happens if somebody takes out two or three major power stations using a cyber-attack?"

Story continues below video.

Freeman, author of "Game Plan: How to Protect Yourself from the Coming Cyber-Economic Attack," says the United States was attacked in 2008, when funds originating from the Middle East were manipulated by Russia and China.

"[They were] short-selling our stock market, undermining [us] with credit default swaps . . . all these instruments that Warren Buffett called financial weapons of mass destruction. They were using those weapons," Freeman said.

He says investors must learn to protect themselves.

'"Game Plan' talks about what happens if they go after the U.S. dollar, what happens if they go after the stock market . . . what happens if they hack our industries . . . or hack our electric grid?" he said.

"Individuals need to learn a game plan . . . With your investments, you need to diversify it and not just put it into the United States dollar."

See the “Steve Malzberg Show” on Newsmax TV each weekday live by clicking here now.

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