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Foreign Banks Are Embracing Russia’s Alternative To SWIFT, Moscow Says
Foreign Banks Are Embracing Russia’s Alternative To SWIFT, Moscow Says On Friday, one day after Russia and China pledged to reduce their reliance on the dollar by increasing the amount of bilateral trade conducted in rubles and yuan (a goal toward which much progress has already been made over the past three years), Russia’s Central […]
Iran “Finalizing” Mechanism To Bypass SWIFT In Trade With Europe
Iran “Finalizing” Mechanism To Bypass SWIFT In Trade With Europe Just days after Europe unveiled a “special purpose vehicle” meant to circumvent SWIFT and US monopoly on global dollar-denominated monetary transfers – and potentially jeopardizing the reserve status of the dollar – Iran said it was finalizing mechanisms for the oil trade to bypass US […]
Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status
Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status In a stunning vote of “no confidence” in the US monopoly over global payment infrastructure, one month ago Germany’s foreign minister Heiko Maas called for the creation of a new payments system independent of the US that would allow Brussels to be independent […]
Is Germany Moving SWIFT-ly To CIPS?
Is Germany Moving SWIFT-ly To CIPS? We have detailed how Russia and China have developed independent global payment systems that run parallel to the dollar based SWIFT system. We recently discussed how sanctions against Russia were actually “crushing the American empire“. The dollar based system is now obsolete and the entire world is questioning why […]
Germany Calls For Global Payment System Independent Of The US
Germany Calls For Global Payment System Independent Of The US In a stunning vote of “no confidence” in the US monopoly over global payment infrastructure, Germany’s foreign minister Heiko Maas called for the creation of a new payments system independent of the US that would allow Brussels to be independent in its financial operations from […]
Hackers Used SWIFT To Steal $6 Million From Russian Bank
Hackers Used SWIFT To Steal $6 Million From Russian Bank In the latest revelation about the Society for Worldwide Interbank Telecommunication’s vulnerability to hackers – who’ve stolen tens of millions of dollars from banks and central banks mostly by stealing the special private keys used to sign off on transactions – Russian authorities revealed that […]
Russian Deputy PM: Our Banks Are Ready To Turn Off SWIFT
Russian Deputy PM: Our Banks Are Ready To Turn Off SWIFT Russian financial institutions are prepared to survive without access to SWIFT (The Society for Worldwide Interbank Financial Telecommunication) – the global dollar-based interbank payments network – should the US and European Union follow through with threats to cut it off, according to Deputy Prime […]
The End Is Nigh
The End Is Nigh Recently, US Secretary of the Treasury Steve Mnuchin stated, “If China doesn’t follow these sanctions [against North Korea], we will put additional sanctions on them and prevent them from accessing the US and international dollar system.” This is astonishingly shortsighted, as the US can no more do without trade with China […]
Actions of A Bully Child or Dying Empire: Sanctions and Threats
Actions of A Bully Child or Dying Empire: Sanctions and Threats As the Western world continues to slide into the dust bin of history, it is not going without a fight. As with any “wounded animal”, once the reality of pain permeates the body, it typically lashes out at anything or anyone within arms’ […]
US Threatens To Cut Off China From SWIFT If It Violates North Korea Sanctions
US Threatens To Cut Off China From SWIFT If It Violates North Korea Sanctions In an unexpectedly strong diplomatic escalation, one day after China agreed to vote alongside the US (and Russia) during Monday’s United National Security Council vote in passing the watered down North Korea sanctions, the US warned that if China were to […]
Russia Readies Back-up System For Potentially Explosive “Split With International Banking System”
Russia Readies Back-up System For Potentially Explosive “Split With International Banking System” The grand order of things could be undergoing some major overhauls. To put it more bluntly, a war to reset the global financial order is about to be unleashed. Preparations inside Russia are being made in case the ultimate banking sanctions are placed […]
Why did Lagarde Stay at the IMF? To Increase its Global Power.
Why did Lagarde Stay at the IMF? To Increase its Global Power. Christine Lagarde Managing Director of the International Monetary Fund spoke at the IMF Arab Fiscal Forum: Fiscal Policy and Growth in Abu Dhabi on February 22, 2016. Her message was clear – forget downsizing government or reforming anything, just raise taxes. She opened the conference saying: “This […]
This Is The Real Reason For The War On Cash
This Is The Real Reason For The War On Cash Originally posted Op-Ed via The Wall Street Journal, These are strange monetary times, with negative interest rates and central bankers deemed to be masters of the universe. So maybe we shouldn’t be surprised that politicians and central bankers are now waging a war on cash. That’s right, […]
Italy Races To Defuse €200 Billion Bad Loan Time Bomb With “Bad Bank”
Italy Races To Defuse €200 Billion Bad Loan Time Bomb With “Bad Bank” When Portugal “surprised” senior Novo Banco bondholders with a €2 billion bail-in late last month, the market got an unwelcome reminder that euro periphery banks are far from “solid.” Novo was supposed to house the “good” assets salvaged from the wreckage of […]
The Birth Of The PetroYuan (In 2 Pictures)
The Birth Of The PetroYuan (In 2 Pictures) Give me that!! It belongs to the Chinese now! h/t @FedPorn As we previously detailed, two topics we’ve deemed critically important to a thorough understanding of both global finance and the shifting geopolitical landscape are the death of the petrodollar and the idea of yuan hegemony. In November […]
