Tag Archives: The Corbett Report – China’s SWIFT Alternative And The (Engineered) Death Of The Dollar

James Corbett – The Corbett Report – China’s SWIFT Alternative And The (Engineered) Death Of The Dollar – 11 March 2015

JamesCorbett4by James Corbett
TheInternationalForecaster.com
March 11, 2015

Forget all the nonsense and hoopla about tyuandollarhe Apple Watch or the GM stock buy-back. Far and away the most important economic story of the week is one you won’t find on the front page of Bloomberg or MarketWatch. New reports indicate that China is ready to launch its SWIFT alternative, and for those who have their ear to the ground this is the most significant move yet in the unfolding process of de-dollarization that is seeing the BRICS-led “resistance bloc” breaking away from the financial stranglehold of the US-led “Washington Consensus.”

For those who don’t know, SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication and is shorthand for the SWIFTNet Network that is used by over 10,500 financial institutions in 215 countries and territories to transmit financial transaction data around the world. SWIFT does not do any of the clearing or processing for these transactions itself, but instead sends the payment orders that are then settled by correspondent banks of the member institutions. Still, given the system’s near universality in the financial system, it means that virtually every international transaction between banking institutions goes through the SWIFT network. Continue reading