Turkey Joins Russia's Alternative to SWIFT -- The De Dollarization Continues ...#dedollarization

If you abuse it you pay for it and this is some serious backlash for the US to put pressure against countries that do not follow Washington's dictates. The SWIFT is another fine tool of control that is being dismantled. The trouble with the United States is that it has ceased to be a capitalist country, the United States is now clan-corporate "capitalism", the last stage of which will be American neo-feudalism. Unfortunately the Americans do not see the whole scene. Russians are a people that thrive on hardship, that take suffering in their stride and simply do not give up when the going gets tough. As Putin warned, American sanctions against Russia are a "colossal strategic mistake" and eventually risk undermining the dollar-based hegemony of the global financial system. Welcome to The Atlantis Report . After repeated warnings over the past couple of years, Turkey and Russia have signed a pact to increase use of the ruble and lira in cross-border payments, with Turkey signing on to Russia's alternative to SWIFT, the international telecommunications protocol used by banks and central banks the world over. In addition to Turkey, China and Russia have signed agreements to bolster trade between the two countries, including settling a larger percentage of their bilateral trade in rubles and renminbi. For China, bilateral trade with Russia grew from $69.6 billion in 2016 to $107.1 billion last year. China is Russia's biggest partner for imports and exports. There has also been talk about India joining Russia's SWIFT alternative as Washington continues to threaten New Delhi with sanctions over its decision to purchase Russian-made missile-defense systems. According to Reuters, Russian Finance Minister Anton Siluanov signed the agreement with Ankara on Tuesday. The agreement, signed on Oct. 4, will encourage the two countries to start using Russia's system in mutual settlements. US dollar hegemony is already dead. Alternatives are in place and getting developed at an increasing pace. Its just a matter of time, maybe a decade, till the US is completely unable to fund itself and will have to close down most military bases and reduce its footprint on the planet. Its about time too! SWIFT is a Belgian-based messaging platform that facilitates cross-border payments. The member-owned cooperative connects more than 11,000 banks, financial institutions and corporations in more than 200 countries and territories around the world. SWIFT is not a bank, it doesn't hold money or manage it. It neither initiates transfers nor clears or settles payments. Why is SWIFT important? : Think of SWIFT as the central nervous system of international financial transactions. The messaging platform enables financial institutions to send, receive and track information about financial transactions in a secure and standardised way that facilitates the smooth flow of funds across borders. What happens to a country when its banks get cut off from SWIFT? It can be crippled financially because money transfer information can't be forwarded to its banks. When a country's banks are cut off from SWIFT, it can't pay for imports and can't receive payment for exports. What happened to Iran when it was cut off from SWIFT in 2012? In March 2012, SWIFT agreed to not forward messages to any Iranian bank or individual that had been blacklisted by the EU. As a result, Iran's oil exports plunged from around 2.5 million barrel per day in 2011 to around one million barrel per day by 2014. The 2012 SWIFT ban was widely seen as instrumental in bringing Iran to the negotiating table which led to the 2015 Iran-nuclear deal. When Iranian banks were reconnected to SWIFT following the 2015 Iran-nuclear deal, oil exports increased again. SWIFT cut off a handful of North Korean banks last year. Although SWIFT describes itself as "a neutral global cooperative". There could be consequences if it resists US pressure to cut off Iran again. In 2012, Congress authorized any president to impose sanctions on SWIFT's board of directors (which includes executives from some of the world's biggest banks) if it refused to disconnect Iranian banks blacklisted by Washington. Russia started developing an alternative to the Belgium-based SWIFT financial messaging service in 2014 after a shock caused by the first round of Western sanctions against Moscow which were designed to punish it for the annexation of Crimea and its role in the Ukrainian crisis. Amid escalating geopolitical tensions, Russia feared being cut from the global financial system as happened with Iran in 2012. Central Bank Governor Elvira Nabiullina said last year that Russia had created a system that could replace SWIFT and “nullify” risks of Russia being cut from the global network. More than 400 companies, most of which are Russian, have become members of the Russian SWIFT substitute system. It obviously allows Russia to solve issues related to the sanctions pressure. Moscow has also seen interest in joining the Russia-based system from Arab countries and is ready to start negotiations about creating a switch that would connect the Russian system with the European one. Russia has held talks with China, India, Iran and Turkey about joint use of Russia’s financial messaging system, said Anatoly Aksakov, who heads the Russian Banking Association and a financial committee with the lower house of parliament. “As the system has proved to be viable and efficient, it draws interest from both Russian and foreign players, it is proposed to give any legal entities, Russian and foreign, the possibility to use it,” Aksakov said. America is now being isolated. Countries are dropping the dollar. It's hitting America now and before election 2020, America could be in a "physical civil war." America doesn't have the power anymore. Countries can go other places for what they need. It ain't pretty my friend..! The de-dollarisation is a response to the abuse of SWIFT by the US to make vassals of other nations and to pursue a strategy of damaging rivals to ruin their economies. It is economic terrorism, no less. Did Trump actually think in his 'great and unmatched wisdom' that the world hasn't changed and that old allies we mistreat are just going let themselves be spanked . Every State Has The Right To Independence. Especially from the bondage of the US Empire. The US threatened to cut countries off from SWIFT, that was the main impetus for Russia designing an alternative payment system, once again the US has abused a responsibility and then is surprised when countries develop ways to protect themselves.

The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

No comments:

Post a Comment

Blog Archive

Friendly Blogs List