I remember watching Ronald Regan on TV when he told Mikhail Gorbachev, and the entire world to ‘tear down this wall’ from West Berlin.And within a few years it happened. The Soviet Union collapsed, leaving the United States as the victor in the Cold War.
US geopolitical, economic, financial, and military power was completely unchallenged. And it would remain that way for years.
Now it’s a completely different story. The entire system is changing.
Nations of the world are sidestepping around the U.S. dominated world economy and are replacing it with their own. The move from SWIFT is yet but one piece. An example of another would be the alternative global internet brought to you by BRICS.
Ekaterina Blinova — Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.
The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia’s Central Bank initiated the development of the country’s own messaging system in response to repeated threats voiced by Moscow’s Western partners to disconnect Russia from SWIFT. Continue reading