What Petrodollar: Russia, China To Create SWIFT Alternative!
- Not only is the petrodollar dead, the global hegemony of the west is dying! An alternative to SWIFT (located in Moscow) will end the ability of the west to control fund transfers between nations internationally. No longer can they impose sanctions and force their financial ‘rules’ (ie. hegemony) on other countries! It is Game Over! These actions by both the west (economic sanctions) and Russia/China will crater the global financial system! Do you smell WW3?
– - What Petrodollar: Russia, China To Create SWIFT Alternative!
by Tyler Durden, www.zerohedge.com
If, when in February Victoria Nuland infamously launched a (not so) covert campaign to replace the ruling Ukraine president oblivious to the human casualties, resulting in a civil war in east Ukraine, NATO encroachment along the borders of Russia, and a near-terminal escalation in hostilities between Ukraine, Russian, and various regional NATO members, the US intention was to provoke the Kremlin so hard that the nation with the world’s largest reserves of mineral and energy resources would jettison the US Dollar and in the process begin the unraveling of the USD reserve currency status (as much as Jared Bernstein desires just such an outcome) it succeeded and then some. Because in the end it may have pushed not just Russia into the anti-petrodollar camp… it appears to have forced China in it as well.
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According to Itar-Tass, Russia and China are discussing setting up a system of interbank transactions which will become an analogue to International banking transaction system SWIFT, First Deputy Prime Minister Igor Shuvalov told PRIME on Wednesday after negotiations in Beijing.
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“Yes, we have discussed and we have approved this idea,” he said.
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But wait: wasn’t it the UK’s desire to force Russia out of SWIFT just two weeks ago? Why yes, and the fact that Russia is happy to do so, and on its own terms, once again shows just who has all the leverage, and who really needs, or rather doesn’t, the US Dollar.
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