One point your analysis misses is that there are public policy
implications to deploying a phone system that enemy countries can
routinely intercept.  Not all attacks are financially motivated.

Is it a good thing for our infrastructure to be so insecure?
Do we want other countries listening to our GSM calls?  Do other
countries want us listening to their GSM calls?  Is it a good thing
if such interception is made easier?  Sure, it may be in the SIGINT
agencies' interests for GSM to be crackable, but is it in the
public interest?  It's not clear.

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