Europe Is Working On Alternative To SWIFT For “Financial Independence” From The US

German foreign minister Heiko Maas

 

In the aftermath of a report that Germany was working on a global payment system that is independent of the US and SWIFT, on Monday Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks, Bloomberg reported.

“With Germany, we are determined to work on an independent European or Franco-German financing tool which would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions,” French Finance Minister Bruno Le Maire said Monday during a meeting with press association AJEF. “I want Europe to be a sovereign continent not a vassal, and that means having totally independent financing instruments that do not today exist.”

The discussions, which also involve the U.K., are a signal that European powers are trying to get serious about demonstrating a greater level of independence from the U.S. as President Donald Trump pursues his “America First” agenda.

Was There A Run On The Bank? JPM Caps Some ATM Withdrawals

Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose withdrawal limits on certain ATM transactions. As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at a time. This apparent bank run has prompted Jamie Dimon to cap ATM withdrawals at $1,000 per card daily for non-customers.

WAR ON CASH: Banks to start charging for cash deposits

(NaturalNews) Few could have envisioned it even just a few years ago, but it’s happening now, and on an ever-widening scale. More big U.S. banks are shunning cash, because the banking system has become so dependent on other “assets” that large cash deposits actually pose a threat to their financial health, according to The Wall Street Journal.

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And the largest U.S. bank in terms of assets — JP Morgan Chase & Co. — has dramatically cut “unwanted” deposits to the tune of $150 billion this year alone, in part by charging customers fees.

Russian hackers used flaw in Microsoft Windows to spy on NATO, a new report says

WASHINGTON — A Russian hacking group probably working for the government has been exploiting a previously unknown flaw in Microsoft’s Windows operating system to spy on NATO, the Ukrainian government, a U.S. university researcher and other national security targets, according to a new report.

The group has been active since at least 2009, according to research by iSight Partners, a cybersecurity firm. Its targets in the recent campaign also included a Polish energy firm, a Western European government agency and a French telecommunications firm.

“This is consistent with espionage activity,” said iSight senior director Stephen Ward. “All indicators from a targeting and lures perspective would indicate espionage with Russian national interests.”

Opening Moscow’s Bag of Political and Strategic Tricks

Political correctness was invented by Marxists to destroy Western society from inside…. And in Russia, there is no political correctness at all! The reason is that Marxists do not need to undermine the Russian society from the inside, because it is already Marxist.

– Konstantin Preobrazhensky, “How the West Was Fooled by Vladimir Putin”

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Then there is Russia’s military potential. With regard to major opponents, the West seriously underestimated its enemies twice during the last century: first in 1939 when the Allies believed they had boxed in Nazi Germany with their “guarantee” to Poland; and again, with sanctions on Japan in 1941. In the first instance Germany smashed Poland and crushed France. In the second instance, Japan destroyed the American fleet at Pearl Harbor, defeated the U.S. forces in the Philippines and captured the British forces in Singapore.

Some may argue that Russians are not as capable as Germans and Japanese. After all, Russia is a backward country; the Russian economy stinks; Russian equipment is obsolete and their people are demoralized. Even more egregious, Russian commanders are political stooges. But wait! Russia put the first man into space. Russia launched the first satellite. Russia built the first operational version of the hydrogen bomb. Let’s not make the mistake of underestimating Russia.

Argentina says next bond payment ‘impossible’, default looms

(Reuters) – Argentina threatened to default on its debt on Wednesday when the government called it “impossible” to pay bond service due on June 30, citing a U.S. court decision earlier in the day that increased pressure on the economically ailing country.

Buenos Aires is locked in a 12-year legal fight with creditors who refused to participate in two restructurings that followed Argentina’s 2002 default on $100 billion in bonds.

The long impasse in the U.S. courts has kept the country from accessing international capital markets as its economy stagnates, inflation soars and central bank reserves fall.