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How Open Source Software Helps The Federal Reserve Bank of New York (hpe.com)
Long-time Slashdot reader Esther Schindler quotes Hewlett Packard Enterprise:
When you handle trillions of dollars a year in transactions and manage the largest known vault of gold in the world, security and efficiency are top priorities. Open source reusable software components are key to the New York Fed's successful operation, explains Colin Wynd, vice president and head of the bank's Common Service Organization... The nearly 2,000 developers across the Federal Reserve System used to have a disparate set of developer tools. Now, they benefit from a standard toolset and architecture, which also places limits on which applications the bank will consider using. "We don't want a third-party application that isn't compatible with our common architecture," said Wynd.
One less obvious advantage to open source adoption is in career satisfaction and advancement. It gives developers opportunities to work on more interesting applications, said Wynd. Developers can now take on projects or switch jobs more easily across Federal Reserve banks because the New York Fed uses a lot of common open source components and a standard tool set, meaning retraining is minimal if needed at all."
Providing training in-house also creates a more consistent use of best practices. "Our biggest headache is to prove to groups that an application is secure, because we have to defend against nation state attacks."
One less obvious advantage to open source adoption is in career satisfaction and advancement. It gives developers opportunities to work on more interesting applications, said Wynd. Developers can now take on projects or switch jobs more easily across Federal Reserve banks because the New York Fed uses a lot of common open source components and a standard tool set, meaning retraining is minimal if needed at all."
Providing training in-house also creates a more consistent use of best practices. "Our biggest headache is to prove to groups that an application is secure, because we have to defend against nation state attacks."
This description of how easy the work is, bean counters are ready to cut dev costs in half.
open source is empowering our local branch of the western banking cartel, with governments in its pocket to war and maim and commit genocide for power and profit!
considering most of the gold is literally stolen.
I've read this:
Federal Reserve Bank: 3 lies in one name. It is not federal, there is nothing in reserve, and it is not a bank.
Stories:
Monopoly Men: Federal Reserve Fraud
The Federal Reserve: History of Lies, Thievery, and Deceit
That’s what the article is actually about. Just wanted to point that out before the “yay linux yay nobody uses teh java” types pour in.
It's my own law: they were printing US$ bills to infinite, at massive scale without stops.
Then they are "superbankers" that own US$ money from there.
And then the US$ money is as orange juice diluted with water.
And the people that has US$ money will be poorer due to the dis-inflation US$ causing a loss of worth/value of the US$.
Got news for you. They aren't doing it by printing US$ bills. Printed money is for the peasants, like me.
When they want to create another $80 billion, they just type it into a form on a computer.
The Fed. What a joke. Most Fed employees are bank examiners. I could tell such stories. If you're a straight white man interested in IT who wants to work hard and protect the economy, then find somewhere else to work. The generalists will run you out.
Linked article is outstanding: it manage to cover NY federal reserve open source usage without telling open source product name.
You obviously didn't realize that printing US Currency has been outsourced to a small country whose leader is best depicted as a dancing baby.
NASDAQ uses Gentoo.
My Other Computer Is A Data General Nova III.
Oh I see, when there is a budget deficit the government just goes +100 billion to their account and problem solved. Need another 50 f35 just electronically add 20 billion, need 100 more schools just +30 billion to the education budget ;)
Now that I think about it how does the orint e money actually go into the financial system ?
We don't care how you keep the stinking evil afloat. Drown it.
Risk Management of Free and Open Source Software
Get rid of the garbage! I have never seen a single piece of open source software actually FUNCTION! Make it illegal President Trump and MAGA!!!!
https://www.newyorkfed.org/aboutthefed/fedpoint/fed01.html
The actual bills are printed by the Bureau of Printing and Engraving, and their official website is http://www.moneyfactory.gov/
Yes, you read that right.
Anyway, the printing of US dollars varies from year to year, up some and down others. It's an insignificant compared to variations in the other
http://www.moneyfactory.gov/resources/productionannual.html.
The total amount of physical bills in circulation is estimated to be between $900 billion (10 to the 9th) to 1.2 trillion (10 to the 12th), and most of that is held in foreign countries, that is outside the USA.
The total amount of money in the USA in physical bills, checking accounts (cash, called M1) is about 3 trillion,
and M2 (includes CD, savings, and money markets) is about 12 trillion.
The USA stock market total valuation is about 27- 30 trillion now.
Here's the thing.
The government was not the biggest abuser of creating money out of thin air. That would be the investment banks that caused the crash of 2007-2008 when they
created credit default swaps, CDS, collateralized debt obligations, CDO, and particularly the synthetic devices with a notional value of 80-120 trillion.
Nobody knows how much crap is out there in the notional value of CDS, CDO, synthetic CDOs, and such like even now. It was perhaps 80-120 trillion before the 2007-2008 crash, but now is only a few 10's of billions, probably. If it was worth 100 trillion, where did it all go?