This would be the first tangible sign of Berlin breaking away from Washington.
In a move meant to “strengthen European autonomy” in the wake of the U.S. walking away from the 2015 Joint Comprehensive Plan of Action nuclear deal with Iran and its opposition to the Nord Stream 2 pipeline project, Germany’s government is seeking an end to the dollar’s dominance as a global exchange currency.
Finance Minister Heiko Maas told the German newspaper Handelsblatt that Brussels needs to be independent from Washington in all of its financial operations as it attempts to rescue the JCPOA:
“Europe should not allow the U.S. to act over our heads and at our expense. For that reason, it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the U.S., creating a European Monetary Fund and building up an independent SWIFT system.
“Every day [the JCPOA] continues to exist is better than the highly explosive crisis that otherwise threatens the Middle East.”
As TruNews has previously reported, the Society for Worldwide Interbank Financial Telecommunication is based in Belgium and serves as the “referee” for all global bank transactions and transfers. Although its management is independent, all transactions are conducted in dollars, meaning it is directly impacted by U.S. unilateral sanctions.
In the case of Iran, which is being cut off from the U.S. banking system, access to SWIFT is also cut off. This means banks in Iran cannot transfer funds to or from European banks without American approval—which is unlikely in the current state of affairs.
The European Union has been attempting to get exemptions from the Iranian sanctions for several of its most critical industries, but was rebuffed by both Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin. The EU responded by making an act that would impose counter-sanctions on businesses that comply with the U.S. sanctions on Iran.
Although this latest development has largely been reported in terms of an EU revolt against the U.S., evidence suggests most EU countries are willing to comply with sanctions against Iran to avoid losing access to the American marketplace. This instead should be seen as the first real sign that Germany is trying to break away from its post-war ally.
As TruNews host Rick Wiles noted just this week, such a move has long been expected.
Full article: Germany Wants to Dump Dollar, SWIFT System (TruNews)
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