SWIFT Attacks in the Global Economic War

https://i1.wp.com/globaleconomicwarfare.com/wp-content/uploads/2016/05/canstockphoto4489816.jpg

 

Recent headlines confirm that the SWIFT (Society for Worldwide Interbank Financial Communication) has suffered multiple cyber attacks. SWIFT is a privately run Belgium-based provider of financial messaging, considered essential to move money around the world. The system is so important that to be denied access to it is essentially to be cut off financially from the rest of the world. That is what happened to Iran in 2012 in conjunction with sanctions and the pain was severe. Many believe that regaining access to SWIFT was the Iranians top priority in negotiations.

It is important to understand that SWIFT is not, at least not directly, controlled by the United States. Rather, it is governed by a multi-nation board. Still, it is viewed to be part of the United States-led global financial community. American sanctions carry tremendous weight. Continue reading

Four things you need to know about ‘China’s World Bank’

In fact, many commentators say the AIIB is less about anything wrong with the ADB or the World Bank and more about China’s efforts to increase its voice in global development and financial governance, and even to reshape the financial world order itself.

With Tuesday marking the deadline for nations wishing to join as “founding members” of the new multinational lender, here are the four things you need know about the AIIB… Continue reading

AIIB a means for China to achieve ‘Belt and Road’

China’s Asian Infrastructure Investment Bank (AIIB) initiative is a means to achieve its goal of bolstering regional integration and connectivity through its “Belt and Road” strategy, Lu Chung-ta, director of investments and marketing at Shin Kong Investment Trust Co.

The establishment of the AIIB is widely regarded as an effort by China to create an international financial institution that rivals the World Bank, the International Monetary Fund, and the Asia Development Bank and curb the US’s leading position in global financial decision-making bodies in the post-World War II era. Continue reading