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De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities
Back in 2013, The NSA was first exposed for secretly 'monitoring' the SWIFT payments flows. This appears to have been among the last straws for Russia (and others) as far as both NSA spying and dollar domination.
Last year, following threats to remove Russia from SWIFT by the UK, (which SWIFT rapidly distanced its 'independent-self' from), Russia (and China) announced plans to create its own de-dollarized version. In November, Russia detailed the SWIFT-alternative's launch date around May 2015, and just last month, Medvedev warned of "unlimited reaction" if Russia was cut off from the SWIFT payments system.
So the news this week that Russia has launched its own 'SWIFT'-alternative, linking 91 credit institutions initially, suggests de-dollarization is considerably further along than many expected (especially as Russia dumps US Treasuries at a record pace).
Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.
The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia.
It should be noted that Russia's Central Bank initiated the development of the country's own messaging system in response to repeated threats voiced by Moscow's Western partners to disconnect Russia from SWIFT.
...
Joining the global interbank system in 1989, Russia has become one of the most active users of SWIFT globally, sending hundreds of thousands of messages per day. In general, SWIFT provides a secure communication network for more than ten thousands of financial institutions around the world, approving transactions of trillions of US dollars.
Earlier this month Russian Deputy Prime Minister Igor Shuvalov expressed confidence that Russia would not be disconnected from SWIFT. In her turn, Russian Central Bank First Deputy Chair Ksenia Yudaeva called upon Russian civilians and financial institutions not to dramatize the current situation.
Russian experts point to the fact that Western businesses would face severe losses if they expelled Russia from the international SWIFT system. On the other hand, the alternative system launched by Russia might reduce the negative impacts caused by measures imposed by the West, including possible disconnection from SWIFT, and diminish Western financial dominance over Russia.
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SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions.
The core of SWIFT's work is a secure financial messaging service that communicates payment orders to be settled at correspondent accounts — accounts that one financial institution holds with another financial institution.
The network has become key to the functioning of Russia's financial system since the first bank began to use the service in 1989.
About 360,000 such messages are sent daily, making Russia the second most prolific user of SWIFT in the world, the head of SWIFT in Russia, Roman Chernov, told a conference last year, according to RIA Novosti. Over 600 Russian financial institutions use SWIFT, which saw a 40 percent growth in its traffic in 2014, he said.
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I suppose time will tell. Lucky for me, if you're right there won't be an internet for you say I told you so... LOL
Yes but those "Assets" are Liabilities in the Rest of the Economy
You me and the others will be the sacrificial lambs. If it was just a write off, the legalese wouldn't have been stuffed through for Joe FuxPack to cover the vig.
I couldn't care less about the size of the Russian economy, if their swift can move my payments I'm swiftly moving over to them.
I'm telling you that this will start a war faster than a bazooka in a Ukrainian china shop.
We have been hearing of the dollar demise for years and years. I see moves, this last 8 months, that could make the dollar go away very soon. So, to the United States folks here at 0hedge --What is everyone planning to do to survive this mess?
people in the country will be fine (assuming no nukes), mostly always have been... i was off grid (until recently) for 11 yrs.. didn't even know the markets tanked in 07/08 timeframe. we don't actually need paper money (got food, clothing and shelter covered - and oil wells! and the skills to set up small independent DIY refinieries at need)... hopefully the citi-folks would have something besides "financial services" to trade, if imports / suppy lines vaporize...
silver would probably be good, people will just have to get used to valuing things in troy oz. or some smaller coin Currently, barter is fairly common, so i don't see a huge problem ... must/should haves might be things like weapons, ammo, med. supplies, maybe candies for kids, tobacco, quality camping gear... even stuff like fabrics / yarns, etc..
Cornfritter, Thanks! I like what you say about fabrics and yarn. We are in the country and even I need to sow and do upholstery, make clothing and stuff. Good stuff...
I don't know about anyone else, but my plan is to assume the crash position
dp
"assuming no nukes"
That's some funny shit you're servin' up there.
I'm learning to live within my limitations and start feeding my familiy with organic food too.
Long pig. I'm tellin' ya, that 330 lb scooter ridein' Walmart shopper will feed your family all winter long
Country folk with skills will be fine. City people with no skills will not be. I saw it with Sandy. 36 hours to bitchass.
Guess it won't mean anything to me since I don't have a bank.
A more accurate headline would be that de-dollarization CONTINUES, not accelerates. For some time, a number of countries have been doing side deals in their own currencies and bypassing the US dollar.
Oh and for all the people that intentionally ignore the fact that British sterling used to be the reserve currency; did they implode?
Too many of these chicken little articles about losing reserve currency status. Its not going to happen overnight. If you need, tie a string around your prick to remember the BOILED FROG ANALOGY.
The GBP has lost 99.5% of it's original value. Britain almost had another revolution by the 1970s (the first being 1688) and all of the territories were gone by 1980. So it took ~50 - 80 years.
As I keep saying, the falling of an empire is not quick or even obvious to those in "The Matrix". Things just keep getting worse and worse, for decades. Basically the rest of your life.
If you look over a 50 or 100 year period then the the British Empire did implode, yes. Thankfully for the citizens, over a human lifetime it was not so bloody.
The last remaining remnants are to break up the United Kingdom back into it's component parts. The Scottish Referendum was the first step towards this.
Empire is fundamentally, the centralised control over a large area, they are not stable organisations, it's the same problem with centralised economic control vs the peer to peer market. information is not created and consumed efficiently and empire exists only to benefit a very few who have access to what information is there.
I'll just add that America was waiting in the wings to step into the shoes of the British Empire, so we have so far managed to avoid a "dark ages" which followed the Roman Empire. Then again, perhaps the dark ages were good times for the small people.
Today, China is waiting in the wings to step into America's shoes so we may be able to avoid a further dark age. China has historically been a very inward looking country though.
SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based...
well, that's the problem right there.
.....And the country that is buying US debt.... hum........
Got to love the Russians, they see a problem, they start working on a solution with RESOLVE.....
Yeah, they burn their own cities to the ground and pull back....
or americans started knee-jerking for fed reserve and became slaves in usa
You lost war to banksters, Period. We lost too. We got a lesson. You not.
You can't lose wars, because next generation or more will suffer
You didn't learn the lesson though. You're just as connected to the world banking system as we are. Ok, not just as connected as we are the center of the world banking system, for now. But all the same, after the wall came down you guys went belly up (had been for a while before that) and moved to join the west, and the global banking 'elite'.
Now Putin wants a bigger piece of the pie and he can't get it because why? The banks own Russian economy just like every economy.
Think about the cojones it takes to do that, the will. Your a grocery clerk..
If you were being slaughtered en mass I don't think it would be a very difficult decision.
I wonder if the Russian version of SWIFT will be as well received as the Lada (the Russian version of the Honda Civic)?
Aw, shucks....
we swift boated some folks
What cracks me up is that the .001% think that when TSHTF, they can just run to their jets and take off....Hmmm, I wonder what the pilot might be thinking.... As Mike Tyson says, "Everybody has a plan until they get punched in the face"...
HONG KONG (MarketWatch) — In an unusual move, China’s national weather service is warning that its forecasting may lose some precision due to Russia’s economic problems, including a depreciation in the ruble.
“Our weather forecasts might be less accurate due to the recent fall in Russian ruble,” China’s National Meteorological Center (NMC) said on its official Weibo microblogging account late last week.
The NMC explained that it relies on Russian meteorologists to provide data that “serve as a reference” for its own prognostications, as weather from China’s northern neighbor has a big impact on what happens in China.
The resulting outcry on Chinese social media ranged from accusing the NMC of dreaming up excuses to questioning whether the Weibo post was a joke.
In fact, the reaction was large enough to merit another statement from the weather agency late Monday night: The criticism “was truly undeserved,” the NMC wrote. “We admit we sometimes can be inaccurate, and that’s why we don’t have to look for an irrelevant excuse that you wouldn’t even be able to believe.”
The weakened ruble and other economic problems afflicting Russia has caused Moscow to roll back spending on its weather forecasting, and this “decrease in funding has caused a lack of meteorological observation data, affecting our data forecasts,” the NMC said.
For whatever it’s worth, the NMC’s Tuesday forecast for Beijing called for a high of 12 degrees Celsius (about 54 degrees Fahrenheit) and a low of minus 2 Celsius (about 28 Fahrenheit), identical to what the U.S. website Weather Underground predicted.
Russia has 63 different definitions of cold
makes interesting forecast.
Even Siberia goes through the motions, hold out and hold up
Hold down the window (outbound, river)
Hold out the morning that comes into view (bluetail, tailfly)
River running right on over my head
https://www.youtube.com/watch?v=J2Kcs4Xmb8k
It seems that the dollar is plummeting SWIFT!!!
the amount of dollars outstanding equals the amount of debt the US is able to float to maintain the entitleist state. Reagan said, all those dollars (which represent debt) outstanding means the US is the most credit worthy country in the world, (hence it was a good thing) repatrioting that debt (those dollars) represents the opposite, but then Reagan never got his peace prize
When does the bombing of Moscow begin?
No, seriously though - WHEN DOES THE BOMBING OF MOSCOW BEGIN?
It's a balmy (bomby?) February day in Moscow, with today's highs expected to reach near 10,000 degrees C......
12 minutes before DC, NY, LA and Chicago & 3000 other US cities are incinerated.
uh...right after we bomb your place?
Putin is so cool he makes me wish I was Russian, instead of being stuck as an American funding wars just because we're Israel's bitch.
anyoe else think this Ukraine thing was to front run this move a year ago and get us set up in the region when implemented?
Man is condemned to keep repeating history.
Russia can never be tamed. When provoked Russia is impossible to contain.
Napoleon and Hitler should both have served as a warning, but like all empires hubris took hold and Obama became blind.
War will come, but the result just like in the early 19th century and mid 20th century will be the same. Russia will prevail while its oppnent will rue the day it provoked her.
Not disagreeing with your sentiment, but Russia was conquered by Genghis Kahn.
It is far fetched to believe America could produce commitment to war on that level though.
Yes, and now that Mongol blood flows through most Russian veins.
When Putin learned about the coup long before the crowd filled the Maidan, he decided to let the coup succeed and arranged the referendum and annexation of Crimea while Nuland and the Nazis were still fist bumping.
If he had thwarted the coup in February, Ukraine would have regular elections for president and eventually Nuland and her billions would win the office.
Now Crimea and the Russian speaking corner of Ukraine are out of the CIA's grasp and Putin has put another notch in his pistol.
Yeehah!! Go BRICS!!
This is about to keep Russian banks interconnected in case something happen (where "something") could be anything.
Obama will be the president that history will show as presiding over the fatal demise of the USA.
First black president and he kyboshes the USA.
He'll vindicate the likes of the KKK. Some legacy.
I don't know, seems planned
Whatever he places his hand to do seems to fail.
Progressives, what a distortion of the term.
Kind of like Marx's utopia
Reality, a slave state.
So Obama's "good intentions" are being deliberately sabotaged to make them in to failures?
I don't like to bring the race card in to this, but in due course the fact that he is black and has been a disaster will be used at some point in the future.
He's a fall guy. Nothing more. The real criminals are not publicly known.
I don't think he is a fall guy
I don't think he is going away
We shall see
I think the nice guy is going to show his inner mean self
When the time is right.
Like ALL of Congress, he kisses the boots and looks up to someone way above him-on this planet
The Greatest Story Never Told - Search it, watch it and spread the word. (www.tgsnt.tv)
https://torrentz.eu/search?q=the+greatest+story+never+told
Apology Of An Economic Hitman - John Perkins
https://www.youtube.com/watch?v=fSBMXsx1O6I
The truth needs to come out before we enter WW3.?
He is not black, he is the Mulatto Monkey throwing poo
I'm still waiting for those $2 T-shirts waiting to be unloaded in LA and work their way to where I live. Combined with a 30% coupon and money back I bet i can get them for about 60 cents apiece.
I know lots of people are "pulling" for Russia, sometimes I even find myself " Rootin' for Putin", but so much stuff from Russia just seems to be a half-assed facsimile of the West that I'll believe it when I see it.
Only one the increasing moves against Russia will hurt is the US' dollar's status as a reserve currency. Obama and his cronies have truly lost sight of what's important and what is Obama's ego. Dumbass blackie wants revenge against Russia for Russia's opposition in Syria...and now we see that Russia was RIGHT to have opposed the US and it's ISIS creation...All of a sudden Assad is everybody's friend compared to the new head chopping pilot burning islamic crazies the US and its gulf allies set loose on the world.
fk you obama you are one clueless moron.
and here I used to think GW Bush was the penultimate dumbass clueless retard...Blackie Obama in my opinion just topped the FUBAR pole position...and the scary thing is...he thinks he's doing a wonderful job. At least Bush knew he was a retard.
You're forgetting his lasting legacy
A glorified filling station in the middle of nowhere called ,,,,,,,,,,,,,,,,,,,,,,,,,,Barack Obama Plaza in my own native country.
I kid you not.
http://barackobamaplaza.ie/
You were correct that Bush was the penultimate etc etc. (I.e. that's what penultimate means).
he is also white-ie...
let's not forget that
you use the term "blackie" and attempt to call someone a "clueles moron", what a fucking putz
You fucking ingorant racist trol fuck, let me guess, you parents were your sister and bother, you fucking inbred fucktard
Blackie is very derogatory...........its Mulatto Monkey.
Father Malachi Martin in early 1990's said that the 3rd secret of Fatima disclosed in 1960 mentions 2017 as the last year of the antichrist and that salvation thereafter will come from Kiev.
How Fatima in 1917 managed to predict Kiev? And how Malachi Martin in early 1990's mentioned Kiev?
Good. I need about 18 more months to get us off the SS MERICA.
He also stated "Something big is out there(in space) and its coming for us"-with help from the Arizona Observatory
So what? Russia and China signed that "Holy Grail" and there was no collapse like so many here predicted. Now we have this. So where is the dollar collapse?
well it has by some accounts, lost 98 percent of it's purchasing power (since inception). I don't know if that could be called a collapse for sure, but ...
and the petrodollar has died a quite death - oil dollars are not being recycled into US treasuries like they once were, and the trend is towards zero recycling
Really, auctions seem to be going pretty well....
The fed is buying them
Country LT Treasury, Dec, Nov., Oct., Sept., Aug,
Russia, ---------- $86.0, $108.1, $108.9, $117.7, $118.1
in billions
Sadly,it's starting to look like the last hope to stop the Global Central Terrorist Bankers War against the Free Markets is... Russia
Dollar is backed by the Good Faith and Trust of the US Government. What would make the Rubel any better or worse? The Trust and Faith of the Russian government? Side by side their the same thing. FIAT Paper Currency backed by Nuclear weapons. The dollars days are rapidily coming to an end. Get over it. Prepare now by dumping into hard assets. You've been warned.
Besides the fact that the rubble has collapsed several times?
the discussion goes arround dollar.
u have any particular reason to talk about R?
she is just being a shill
The dollar is backed by hot air, and nothing more...
The Useless Snakes dollar is backed by one thing only, the USA miltary and its nuclear weapons.
It's backed by a superior millitary capability.
You can bet the Russian's have a few secret black projects of their own though.
So I wouldn't underestimate their ability IF it ever came down to it.
‘
‘
‘
Does anyone think it’s possible that the NSA with it’s vast abilities, is using them to listen in on the financial world, and then using that knowledge to frontrun the casino, to finance its own operations?
Especially if they need more money for black ops, or for the future when they’re going to be cut off from public funding?
What if you were at the top and just wanted to run a rogue outfit?
Just thinking out loud.
I’ll shut up now.
•?•
V-V
The NSA isn't running a rogue outfit, it IS a rogue outfit. If you have a black budget and no one knows what's in it, then of course it only makes sense to go out and get the money wherever you want to get it. After all, who would care?
You are either with US or Against US.
- It is like the G.W.B. people went to all the countries in 2002 and said, "well we're in charge. Get used to it. We are taking over all Economies".
- OR G.W.B said "Prepare, we are going to blow up the Financial Markets and everything is going to change".
Check page 35 of both TICData reports (2002 & 2013) for Belgium, Cayman Islands, and Luxemburg. LT US Treasuries go from $10 Billion to $366 Billion. (partly due to safe haven effect, but also due to Financial System on Steroids) Or just take a look below to refresh your memory.
Remember to add China and Hong Kong together for total.
http://www.treasury.gov/ticdata/Publish/shl2002r.pdf
http://www.treasury.gov/ticdata/Publish/shla2013r.pdf
(http://www.treasury.gov/ticdata/Publish/mfh.txt)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm
Last Data is from December 2014.
Belgium 2002 = $10.8 B, then 2013 = $163 B, Today $335 B
Bermuda 2002 = $14 B, then 2013 = $94 B, Today ??
Cayman Islands 2002 = $10.7 B, then 2013 = $66 B, Today ??
Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $69 B
China 2002 = $95 B, then 2013 = $1,272 B, Today $1244 B
France 2002 = $11 B, then 2013 = $42.4 B, Today $79.2 B
Germany 2002 = $38 B, then 2013 = $54 B, Today $72.7 B
Hong Kong 2002 = $37 B, then 2013 = $89 B, Today $172.6 B
India 2002 = $5.2 B, then 2013 = $56.6 B, Today $83 B
Ireland 2002 = $6 B, then 2013 = $91 B, Today $138.6 B
Japan 2002 = $260 B, then 2013 = $1,023 B, Today $1231 B
Luxemburg 2002 = $20.2 B, then 2013 = $107 B, Today $172 B
Mexico 2002 = $16.7 B, then 2013 = $52.7 B, Today $84.8 B
Norway 2002 = $5 B, then 2013 = $74 B, Today $81.6 B
Philippines 2002 = $3 B, then 2013 = $36 B, Today $40.6 B
Poland 2002 = $7 B, then 2013 = $31 B, Today $27 B
Russia 2002 = $3 B, then 2013 = $138 B, Today $86 B
Singapore 2002 = 19.4 B, then 2013 = $82 B, Today $110 B
Switzerland 2002 = $28 B, then 2013 = $157 B, Today $190 B
Taiwan 2002 = $0 B, then 2013 = $183 B, Today $175 B
Turkey 2002 = $2 B, then 2013 = $18 B, Today $77 B
United Kingdom = $45.7 B, then 2013 = $130.6 B, Today $189 B
GWB was President Cheney's press spokesman
Well, apparently President Cheney is in the middle of his fourth term.
"Dickless" Cheney
Deleted.
If Russia is the second most prolific user of the system then SWIFT will not like to see them go.
FINANCIAL STUXNET IN 3..2..1..
Tin can and string fast to put up, hello yuri you got money? Hmm me neither.
The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia.
SO it is completely internal - I am pretty sure that US banks don't use SWIFT to transfer money between domestic banks, either.
everybody avoids swift as much as he can.
.
.
1. it is extremly expensive
2. it is/could be/ transparent to NSA and herewith to the competition
3. it is/could be/ transparent to governmental auditing bodies (tax offices and the like)
4. you cannot conceal certain transactions.
every country has a domestic clearing&settlement system for such transactions.
SWIFT is a backup. But as the article states, Russians used it as a main vehicle.
To give to you a picture: one transaction costs app. 10 to 20 Euro, if it goes via swift.
Impeach the dumb black muslim now
he is white also
Impeachment charges begin in the House; then the trial goes to the Senate which is where the snag begins. While Republicans have 54 votes in the Senate, it takes 67 to convict to impeach. Furthermore, it is very doubtful that all the Republicans would join to vote to convict the president, much less any Democrats. Just "ain't gonna" happen.
Correct. The best plan of action is disqualification for being outside the parameters for duty, like being born in a foreign country.
Russia Central Bank First Deputy Chair Ksenia Yudaeva....
isn't it sweet? Name "Yudaeva" means Jewess in Russian. Jewess is accidentaly the chief of the bank and accidentaly another jewess is her deputy.
Jews comprise 0.3% of citizenry in Russia. Statistically this could happen once in (1/0,003)*(1/0,003)*5=555555.55 years
(5 is there because the term of the chief of RCB is 5 years)
Ya but is she zio?
isnt she an AMErICAN?
she is a member of the tribe.
which faction? doesn't matter if zio, or neocon, or liberal.... she is there not for fun. somebody promoted her, otherwise see my calculation above.
look at the chairwoman and her links: her husband, also a member of the tribe, a big animal and expert, university teacher, ALL the life both members of diverse "thin tanks", look at the curious move with the interest rate of 17% few weeks ago.
I mean I do not have it black and white on the paper, but look at their activity and their moves. Or are those moves another (almost impossibly rare) coincidence, like ocurrence once in 500000 years?????Maybe they have a sympathy to their brothers/sisters, acting as a FED chair woman, Wall Street bankers (Blankfein and co), or to the people in City.
Jews are very intelligent. Just because there are some bad apples doesn't make them all evil.
Those "some bad apples" have really fucked up this country and the entire Planet-
We may infer that Ashkenazi Jews have high intelligence by their prevalence in intellecutally demanding fields and their percentage of winners of Noble Prizes or Fields Metal winners. They seem hard working and smart so why is there so much prejudice and hate toward them across the world throughout history and here on Zero Hedge? I have never knowingly met a Jew and just don't understand the antimosity.
Hope Kaspersky is monitoring the security of it. Putin will go to war if NSA siphons a couple hundred billion dollars out of it.
I'm sure Putin wont mind, wants all the dollars sent home.
off topic, somewhat, but a very interesting read:
http://fortruss.blogspot.ch/2015/02/the-beautiful-truth-about-minsk-ii.html
I wonder how IBM is going to manage this - now that they're planning a Payment Processing Center in RUS.
Will the RUSsians give them access to their Non-Dollar System?
nope.
The Zionazi parasitic Jews are already looking for a new host.
The Arctic is guaranteed free of anti-semitism. The wouldn't need to build a wall around the shtetl there.
History repeats. In 1945, the US used nukes against Japan, partly to test they worked and could be delivered, partly as medical experiment but most significantly to threaten the USSR. The USSR then went on a crash development drive and developed its own nukes in short order leading to the balance of power. In the 21st century, the US used its SWIFT financial weapon of mass destruction. Russia went on a crash development course to develop its own, so now we have a balance again.
"How many times will Western Nations shoot themselves in the foot", you ask? Depends on how many bullets they have.
Apparently... A LOT!
I want in. How do I join this puppy?
Got my Yota phone, got my PMs.
Don't need no stinking Homeland Gestapo fiat.
https://www.youtube.com/watch?v=qIJmO7qOCTU
Bring out yer scrip...bring out yer scrip....
https://www.youtube.com/watch?v=grbSQ6O6kbs
Good, unleash it, better make a Gold based currency in this new system (can be RUB or simply a new one created for that occasion).
And don't cooperate about tax evasion matters and shitty FATCA, that will be a game changer !
.....
So Russia sets up a SWIFT alternative and invites China to join. Then they both go down their list of major trading partners and require their banks to join up also.
Release the gold backed currency, Mr. Putin.
Release the KRAKEN!!!!!!!!!!!!!!!!!!!!!!!!
https://www.youtube.com/watch?v=7SqC_m3yUDU
I guess that's one way to let your richest continue to do banking, domestically, without any risk from US (and other) authorities taking money being transferred electronically... can't see it helping the average piss-poor Russian the way SWIFT transfers are used now by individuals as "gray market"
I can't help but wonder what happens when those richest actually HAVE NO REAL CONTROL over their foreign assets, though, or what happens when there is no real (ie pre-existing) scheme or system for laundering money in Russia. The only thing that SWIFT does for the richest Russians is keep the lights out while the cockroaches run around and steal.
Of course, the social and political ramifications for Russia and Russian people is best voiced by Duma mamber Yevgeny Fyodorov: “We’re really looking forward to being cut off from SWIFT,... Cutting us off from SWIFT will allow the Russian banking system to start working...We’re really happy about sanctions which allow us to bring Russian assets including the oligarchs' into national jurisdiction. It’s happening slowly, but sanctions are creating the conditions for this.”
Without SWIFT, and the convenienco of it's use in capital flight, Russia can easily pull out another state confiscation of wealth, ala "Pavlov Reforms".
Heck, now thatI think about it, without SWIFT, Russia could again become as succesful as the late-80s USSR, or even Russia before there was even a SWIFT system used (pre-1994), and criminals had to use criminal means to launder, move and "re-invest" their monies! Good times for Russia, Da!
A toast to Putin, Russia, and their continued.... well, whatever it is that ain't been working sofar!
this will expose the $ biggest scam, printing paper and call it money, there no one word in the $ note that say it is money.
Just to be clear this is aa complete non event - it's an _internal_ transfer network for less than 100 banks. It might be a alternative to SWIFT in 15 years but at the moment it's at best a symbolic move.
As I understood it , it is a replacement of swift.
a clearing system and swift system are two different things (technically).
And for the beginning they hafe just 91 participating parties.
Duma has to make a legislation, that domestic soultion is to be preferred and all banks will have to switch.....
China, as a participant, will make a simmilar decision and the world biggest banks will be a part of it.
This will follow after at least 6 moths of operation. in autumn there might be up to 1000 customers more in the network and up to 1000 less in swift network.
This is what we can call competitionand free market.
And because the UK, US and others have decided that SWIFT can be used as a weapon of dominance over weaker economies, once China has signed on, many other countries (BRICS, etc,) will as well, leaving SWIFT behind and Western banking in trouble.
they should force all Rosneft customers and all gazprom customers to connect.
They should forbid those customer to use US computer HW and instead of NSA HW from US they have to use chinese as a source (well I have my suspicion as well, but 1000x better, then USA-NSA).
computers, man.
Sweet. Things are moving right along.
I wonder if the Grexit will start the bank dominoes falling. Holiday, coming to a bank near you, soon.
YES, but ... do they have a REALLY COOL ACRONYM ???
They do: INK
for "idi na khui" in Russian
One question I wonder is if Putin's plan to get his comrades from around the world to come back to Russia is working so well, why the fuck are they buying NY Penthouses in droves? Last time I checked NY doesn't take payments in rubles.....
maybe they think they can avoid Putin's wrath
Don't drink the tea commrads
WHAT'S THE MATTER?
YOU DON'T LIKE POLONIUM 210 IN YOUR TEA?
A true Russian makes it through the winter with a little extra Polonium 210 in their tea - keeps pot from freezing - warms the insides.
You - not Russian Bear!
Polonium 210 haters - we Russians polka holes in your stories.
If you had, let us say, hundreds of millions to spend you might own a penthouse in St. Petersburg. Lovely city by the way. You may want to visit one day. For the russian entrepreneurs Russia is easy to work in. Little bueraucrazy and a very low corporate and personal income tax - 12% I believe.
Vlad says "I'm going to huff and I'm going to puff...and I'm going to crap my pants!"
Okay, okay, he may also judo flip a few flaccid, compliant Zero Hedgers to the mat as well.
Where are y'all rendezvousing at - Novosibirsk? Khabarovsk?
2 weeks 3 days
It's "Amerikan Patriot"
Can someone Western Union Vlad dollars post-haste?
He's down to his last pair of Fruit of the Looms.
For those institutions that don't like swift due to NSA bugging - do they really think Putin's gang won't have the same thing in place?
The use or non-use of SWIFT has nothing to do with the NSA. It has everything to do with the ability of banks to clear interbank transactions.
Russia has had a system for internal (domestic) tranfers for years. It's owned by the Bank of Russia and uses "Bank Identification Codes" (BICs) instead of SWIFT codes. So what's new about this system?
Like SWIFT it can be used internationally as well as internally.
Not saying I don't trust Belgium...but I don't trust those lying, thieving Russians even more. You think you're running RusSwift clean? You don't think they're going to light up your shit and gangfuck you later? Come on, people! So what if they have their own bank settlement network. It's not like they have any real legitimate funds to move around anyway. All they want to do is keep the US out of their shit.
You think curreent SWIFT is running clean ? Why becauseit's based in Belgium ?
As an American citizen, who would you worry about more: your own government tracing every dime you pay in and out of a system, or a bunch of Russians? If they wanted to, they probably could have cleaned out your account weeks ago.
On the other hand, why not have money in various SWIFT-type entities. I'd suggest dollars, Suisssies, Silver & Gold. In addition, why not invest in some yen? At these prices, I think the Commie-Collusion of the Russians and Chinese might find a way to prop it up.
Imagine being long Ruble and seeing the Ruble fall to 25 once the Chinese announce their 100% trust in the Russian banking system.
When every country is printing like their life depends on it, and it does, pick you poison.
Or, just learn sailing and protect your litter with silver and gold.
I don't see the SWIFT system or the new Russian version meaning squat to Joe Soap or Boris Soap. Leads me to believe that this whole drama is a rich man's concern and whatever is going on is not what we think. Banksters are in Russia too - Nyet?
InanimateCarbonRod are you on drugs or something? What you say about Russia is so far in left field, that it makes no sense. I bet you spout about North Korea, Venezuela, Iran and a dozen others the same way...
Try looking in the mirror and settle that image first...
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Wake me up when they offer an alternative to the recently defunct Greendot Moneypak system.
Stateside drug dealers and hookers have lost their preferred method of transmitting money anonymously to their customers and pimps.
SWIFT could easily be put on a block chain with processing room to spare for voting verification.
Does this new system have a name, other than "The Russian version of Swift"?
Swiftski?
I'd guess that once this new system beds in, Russia/China/BRICS will require their suppliers/customers to receive/make payments via this new Russian system. That would make the new system international in nature and will progressively displace SWIFT for trading with Russia/China/BRICS. It is a perfect example of Putin's belief in a multi-polar world.
And that's all Russia intends; it has never intended that its own system replaces SWIFT for trading that goes on between 3rd party countries. That would be icing on the cake and is unlikely to happen any time soon because Washington/Westminster and their NSA/GCHQ criminals would go flat out to scupper it.
It is dissapointing that the terrible terrible Russians are preempting a possible exclusion from SWIFT by preparing a proprietary system. It is equally troubling that the Chinese and Russians are making efforts to build their own switches, smart phones and internet tools to prevent the US from spying on them and it will take some time until larger parts of the world's population purchase such products no longer from US firms. Adieu Apple etc.
gold to 900 in march