Ransomware

June 10, 2021

Hello everybody out there in farm country. This radio commentary is brought to you by the National Corn Growers Association, CropLife America, and Renewable Fuels Association. They are all friends, supporters, and allies of a healthy farm economy and prosperous rural America. Thank you.

And now for today’s commentary –

Two weeks ago, Colonial Pipeline was shut down. On the East Coast we lost 45% of our gas and oil. Cars and trucks without fuel. Ransomware thieves were given $4.4 million to turn the oil faucet back on. I said in my program 2 weeks ago – “Ransom thieves are likely to be a big problem in the years ahead.”

Well, it didn’t take long. Last week there was an attack on JBS, the world’s biggest meat
company. They shut down briefly until paid. This problem has been around for a while, but we
didn’t see much press on it, and I don’t think the federal government paid much attention. Well,
that’s starting to change. We need to prioritize cyber security. We can’t have thousands of
crooked people stealing from all the hard working and important companies. One positive bit of
news – we were able to steal back more than $2 million from the Colonial Pipeline thieves.
There are some things that will get our attention. It becomes personal when you can’t fuel up
your car or you may not be able to get a hamburger.

Related to the ransomware attack is the realization that corruption is running rampant in so many countries around the world. President Biden said last week “combating corruption is a core U.S. National Security interest.” Corrupt oligarchs around the world use shell companies to hide their dollars. Fighting this will not be easy. Nations must work together.

Last week 7 industrialized nations including the U.S. agreed to work to reform the global tax
system. This is a world problem. Fifty of our largest corporations pay no taxes. The group of 7
agreed to levy a minimum tax of 15% on multinational corporations. British Finance Minister
Rishi Sunak said, “we have reached a historic agreement to reform the global tax system to make
it fit for the global digital age.” I say, let’s close the door on those tax-havens. They just keep
getting richer, and they pay no taxes.

If you would like to review my radio shows going back more than 20 years, just go on-line to www.johnblockreports.com.