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Russian Banks Are Ready To Turn Off SWIFT Transactions, Install Replacement Reader 02/14/2018 (Wed) 19:12:52 Id: e8b75c [Preview] No. 6509

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 Minister Arkady Dvorkovich.

"Certainly, it is unpleasant, as it will prove a stumbling block for companies and banks, and will slow down work. It will be inevitable to deploy some aged technologies for information transfer and calculations. However, the companies are technically and psychologically ready for the shutdown as this threat was repeatedly voiced," Dvorkovich said, according to TASS and RT, adding that such a dramatic step would negatively corporations doing business in the US and Europe.

"In general, disconnecting Russia from SWIFT would be a crazy step on the part of our Western partners. It is obvious that for the companies which work in Europe and the US it would be harmful. And this applies not only to the shutdown of the service," he said.

The US and European Union have been periodically threatening to disconnect Russia from SWIFT since 2014 (over SWIFT's own objections), when the conflict in Ukraine flared up and the two powers introduced the first round of international penalties against Moscow for its alleged involvement.

As a reminder, at the time, the MasterCard payment system stopped serving clients of seven Russian banks without warning after Washington imposed its first set of sanctions on Moscow in 2014. In response, the Russian government ordered the creation of a national payment system. With the support of the country's banking system, the Mir charge card was introduced in 2015, although there is no data on what its adoption rate has been in the following years.

This wouldn't be the first time the US has threatened to cut off a major ally from the international banking system (indeed, it's a threat frequently leveraged against nations, like Pakistan, which will be added to a list of terrorism financing nations). Over the summer, it even threatened to expel China, it's largest trading partner, from using dollars if it didn't crack down on North Korea. In September, Russia received its latest SWIFT expulsion threat if it violated North Korea sanctions.

In 2017, Russia’s Central Bank Governor Elvira Nabiullina told President Vladimir Putin that Russia's banking sector had been provided with all the necessary conditions for operating lenders and payment systems in case of disconnection from SWIFT. According to the regulator, 90 percent of ATMs in Russia were ready to accept the Mir payment system, a domestic version of Visa and MasterCard.

Note that the new CHIPS system (China International Payment System) has already been installed in Russia for financial transactions between Russia-China. Read about that here: https://archive.fo/UYW2z


Reader 02/14/2018 (Wed) 19:13:33 Id: e8b75c [Preview] No.6510 del
https://archive.fo/KK7dS (How US Political/Economic Stupidity Has Undermined Petrodollar)
https://archive.fo/y99WO (Russia-China Sign "Holy Grail" Oil Trade Deal WITHOUT EURO-USD)
https://archive.fo/Etd2l (Putin Working With China To Replace US Reserve Currency Status)
https://archive.fo/In1Qm (BRICS Nations To Create Gold Trading Network 1)
https://archive.fo/7rAWT (BRICS Nations To Create Gold Trading Network 2)
https://archive.fo/heCyc (New Non-USD Gold Trading Network In Works)
https://archive.fo/j6UIC (The Integrated Non-USD Platforms As of 2017)
https://archive.fo/2qbty (China Sets Up Oil for Yuan Trade / Non-USD)
https://archive.fo/7Kj1f (Saudi Arabia Flips East After Purge of Western Puppets)
https://archive.fo/BJiSL (Banks Prepare for New Chinese Petroyuan Reserve Currency Status)
https://archive.fo/ENRfX (US/China Trade War Begins After US Tax Cuts Passed)
https://archive.fo/TPBxQ (China Weighs Halting Purchases of US Treasury Bonds)
https://archive.fo/r4hZG (Switzerland May Flip East, Trade With Russia-China)
https://archive.fo/r4hZG (Pakistan Considers Flipping East / UPDATE: Did Happen!)
https://archive.fo/SDTAa (Turkey Flips East, Ditches Dollar For Gold Trade)
https://archive.fo/GYhIh (China-Iran Set Up Non-USD Trade)
https://archive.fo/UD4KO (Russia Will Bypass Western Sanctions via Cryptocurrencies)
https://archive.fo/VkFKg (Russia Becomes Agricultural Superpower / Self-sufficient)
https://archive.fo/RAcZK (Second China-Russia Crude Oil Pipeline Project Completed)
https://archive.fo/klhsL (New China-Russia Arctic Silk Road For Non-USD Trade)
https://archive.fo/MLg8h (New One Belt One Road Will Replace USD, Change Global Trade)
https://archive.fo/wJKXq (Russia-China Investing To Control Arctic Natural Resources)
https://archive.fo/i0iFr (South China Sea Project To Extract Shale Oil, Other Resources OUTSIDE USD)

Reader 02/17/2018 (Sat) 03:19:35 Id: d8770d [Preview] No.6594 del
there's no such thing as "The Petrodollar" -- The USD is the world's "Reserve Currency" and that has (almost) nothing to do with oil. cut the retardation out

Reader 02/17/2018 (Sat) 03:22:24 Id: d4859a [Preview] No.6595 del
You must be an idiot who does not know history or economics.

Reader 02/17/2018 (Sat) 03:29:55 Id: d4859a [Preview] No.6601 del
The USD had everything to do with oil trade. Since 1974 the whole world used the USD to buy up oil. Not so much anymore. Russia and China are bypassing it, so are many other countries today. Starting in 2014 the "Holy Grail Deal" between Russia and China.

Reader 02/17/2018 (Sat) 03:49:33 Id: d8770d [Preview] No.6605 del
>no arguments
No, I actually know a fuckton about economics, history and political science, and that's why I know you're wrong. Show me one - just one - peer reviewed academic journal article that supports "Petrodollar Theory." There are none. Petrodollars are simply investment flows from oil rich nations. Period. There is no "Petrodollar"

The USD is the world's "Reserve Currency" and that is dependent upon the strength of its financial markets, not whether or not oil is sold in USD.

Listen and learn: https://soundcloud.com/user-852479284/on-debt-the-usd-reserve-currency-status-petrodollars-and-export-led-growth

>Since 1974 the whole world used the USD to buy up oil
The USD has been the world's reserve currency during the whole of the post-war era. It used to be pegged to gold, then all (Western) currencies pegged to the dollar, but that changed. Any oil deal was a temporary stabilization measure, which is unnecessary at this point. The USD is the worlds reserve currency because it has strong financial markets, and THAT's why oil is traded in USD, not the other way around. Just listen to the podcast above and learn how international trade works. It'll make more sense once you hear it.

Reader 02/17/2018 (Sat) 08:16:20 Id: 311b0e [Preview] No.6620 del
(14.36 KB 474x656 thKOWMJ6XA.jpg)

Have you considered the benefits of a PROPANEDOLLAR system?

Reader 02/17/2018 (Sat) 08:21:30 Id: 7cd2ec [Preview] No.6621 del
>academic journal

You don't need to provide an academic journal. The history of the petrodollar is common knowledge and has been used by the economic community for years. I don't need a stinking journal.

>The USD has been the world's reserve currency during the whole of the post-war era. It used to be pegged to gold

Correct! It was known as the Bretton Woods Agreement started back in 1944 (which is what made our dollar so fucking strong!) Nixon axed the gold reserve status in 1971, thus breaking the Bretton Woods Agreement and later tying the UDS to global oil trade with the OPEC nations! Bad, bad decision! And since that time the dollar has devalued by 98% or more. Back in the day (in the 50s and 60s) you could buy a weeks worth of groceries for around $5 ! Ask yourself, how much does a weeks worth cost you now?

Reader 02/17/2018 (Sat) 08:30:07 Id: 7cd2ec [Preview] No.6624 del
>There is no "Petrodollar"

Just encase you think its some kind of physical bond or something, thats not what 'petrodollar' refers to. The word "Petrodollar" refers to the status of the current reserve currency in use: the US dollar being backed by oil trade. So when people say "end of the petrodollar" or "petrodollar demise" they mean "this is the end of the current reserve currency status, USD backed by oil trade."

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