MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘SWIFT’

Finland, Belgium, Denmark, Netherlands, Norway, Sweden Join INSTEX Mechanism for Trade With Iran – Finnish Foreign Ministry – Sputnik International

Posted by M. C. on November 30, 2019

A bypass for the US controlled international transaction vehicle SWIFT.

Eventually a bypass for the US dollar oil transactions.

https://sputniknews.com/europe/201911291077436029-finland-belgium-denmark-netherlands-norway-sweden-join-instex-mechanism-for-trade-with-iran/

Iran considers the European Instrument in Support of Trade Exchanges (INSTEX), a tool set up to help trade with Tehran under the US sanctions, to be weak, Iranian Deputy Foreign Minister Seyed Abbas Araghchi stated earlier in November, adding that the system has not been fully implemented so far.

Finland, Belgium, Denmark, Netherlands, Norway, Sweden will join the INSTEX mechanism for trade with Iran, the Finnish Foreign Ministry said in a statement.

“In light of the continuous European support for the agreement and the ongoing efforts to implement the economic part of it and to facilitate legitimate trade between Europe and Iran, we are now in the process of becoming shareholders of the Instrument in Support of Trade Exchanges (INSTEX) subject to completion of national procedures”, the joint statement reads.

The INSTEX is a special purpose vehicle created by Germany, France, and Britain in February to help EU companies do business with Iran, bypassing US sanctions against the country. Following a meeting of the Joint Commission of the JCPOA in June, the mechanism became operational and available to all EU member states. The trade instrument in its initial stage only covers the supply of medicines, medical equipment, and agricultural products, but Tehran also seeks to export oil…

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The American system of the petro dollar is ripe for ...

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The Worst “Fact Check” Ever

Posted by M. C. on July 28, 2019

Truth is treason in an empire of lies.

https://blog.tenthamendmentcenter.com/2019/07/the-worst-fact-check-ever/?fbclid=IwAR0bSIisduyxs0rh37wj8UtBV_ZBq18qV0T7XzZe_N3dHTwSJQ_8jF-KdYE

By:

Voice of America has responded! And it may well be the worst “fact-check” and rebuttal in the history of fact-checks and rebuttals. As Ron Paul Institute executive director Daniel McAdams put it, “Unbelievable! They confirmed everything you said as true and then pronounced you wrong!”

This revolves around an interview I did on RT where I talked about how the U.S. weaponizes the dollar and uses the global SWIFT payment system as a foreign policy billy club. The Voice of America “fact-checking” website Polygraph.info contacted me for comment. Since it was clear they intended to discredit my narrative, we decided not to respond to their email but instead write a full-blown rebuttal of the narrative that I knew they would advance.

This worked out even better than I anticipated. Polygraph.info actually responded to my pre-rebuttal. And in their response, they basically conceded my main point – that the U.S. government can and does use SWIFT as a foreign policy tool. Of course, they tried to downplay the significance, but their concession is telling.

“While the U.S. has the ability to pressure SWIFT thanks to its position in the global economy, it could be limited by potential costs that would be felt by U.S. businesses and those of U.S. allies. An Atlantic Council opinion piece warns the U.S. Congress to ‘be wary of taking unilateral steps to target SWIFT in future legislation,’ adding the practice risks hampering the flow of financial data, “slowing global trade and transactions.” Moreover, the U.S. does not directly control SWIFT.” [Emphasis added]

McAdams is right. This essentially confirms what I said — No. The U.S. does not control SWIFT, but it can exert significant pressure on it.

“So, despite what VoA and the Treasury Department claim, the U.S. government clearly pressures SWIFT to serve as a foreign policy tool. It may be technically accurate to say the U.S. government does not ‘control’ SWIFT. But the U.S. clearly applies political pressure on the institution and that pressure yields results.” [Emphasis added]

The Atlantic Council piece Polygraph.info links to confirms what I wrote. The very fact that somebody felt the need to warn Congress about the consequences of abusing its influence over SWIFT indicates that my position is absolutely correct.

Polygraph.info chose to ignore most of the points that I made in my pre-rebuttal article, writing that they were “beyond the scope of this fact check.”

This is an odd statement considering my article addressed the substance of what they were supposedly fact-checking. So basically, the very thing they were fact-checking was beyond the scope of the fact check.

OK.

As Ron Paul once said, “Truth is treason in an empire of lies.” The fact that a propaganda arm of the U.S. government wants to whitewash the truth about America’s economic warfare is telling. Its inability to effectively do it is even more so.

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truth

 

 

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Goodbye Dollar, It Was Nice Knowing You! — Strategic Culture

Posted by M. C. on July 5, 2019

https://www.strategic-culture.org/news/2019/07/04/goodbye-dollar-it-was-nice-knowing-you/

Philip Giraldi

 

Over the past two years, the White House has initiated trade disputes, insulted allies and enemies alike, and withdrawn from or refused to ratify multinational treaties and agreements. It has also expanded the reach of its unilaterally imposed rules, forcing other nations to abide by its demands or face economic sanctions. While the stated Trump Administration intention has been to enter into new arrangements more favorable to the United States, the end result has been quite different, creating a broad consensus within the international community that Washington is unstable, not a reliable partner and cannot be trusted. This sentiment has, in turn, resulted in conversations among foreign governments regarding how to circumvent the American banking system, which is the primary offensive weapon apart from dropping bombs that Washington has to force compliance with its dictates.

Consequently, there has been considerable blowback from the Make America Great Again campaign, particularly as the flip side of the coin appears to be that the “greatness” will be obtained by making everyone else less great. The only country in the world that currently regards the United States favorably is Israel, which certainly has good reason to do so given the largesse that has come from the Trump Administration. Everyone else is keen to get out from under the American heel.

Well the worm has finally turned, maybe. Even the feckless Angela Merkel’s Germany now understands that national interests must prevail when the United States is demanding that it do the unspeakable. At the recently concluded G20 meeting in Tokyo Britain, France and Germany announced that the special trade mechanism that they have been working on this year is now up and running. It is called the Instrument in Support of Trade Exchanges (Instex) and it will permit companies in Europe to do business with countries like Iran, avoiding American sanctions by trading outside the SWIFT system, which is dollar denominated and de facto controlled by the US Treasury.

The significance of the European move cannot be understated. It is the first major step in moving away from the dominance of the dollar as the world’s trading and reserve currency. As is often the case, the damage to US perceived interests is self-inflicted. There has been talk for years regarding setting up trade mechanisms that would not be dollar based, but they did not gain any momentum until the Trump Administration abruptly withdrew from the Joint Comprehensive Plan of Action (JCPOA) with Iran over a year ago…

Indeed, the White House appears to be willing to engage in economic warfare with Europe over the issue of punishing Iran. The Treasury Department issued a statement regarding the Mandelker letter, saying “entities that transact in trade with the Iranian regime through any means may expose themselves to considerable sanctions risk, and Treasury intends to aggressively enforce our authorities.” Mike Pompeo also was explicit during a visit to London on May 8th when he stated that “…it doesn’t matter what vehicle’s out there, if the transaction is sanctionable, we will evaluate it, review it, and if appropriate, levy sanctions against those that were involved in that transaction. It’s very straightforward.”

It is perhaps not unreasonable to wish the Europeans success, as they are supporting free trade while also registering their opposition to the White House’s bullying tactics using the world financial system. And if the dollar ceases to be the world’s trade and reserve currency, what of it? It would mean that the Treasury might have to cease printing surplus dollars and the US ability to establish global hegemony on a credit card might well be impeded. Those would be good results and one might also hope that some day soon the United States might once again become a normal country that Americans would be proud to call home.

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Monopoly Fiat Money ? | 2012 Patriot

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The Real Reason the Deep State Hates Russia… What it Means for Gold

Posted by M. C. on June 27, 2019

What do all the countries Washington wants to go to war with have in common? Not terrorism, oil.

What Washington doesn’t like is that these countries are developing alternatives to paying for oil in dollars. Gold backed alternatives.

Once the world bails on the dollar the dollar sinks like a rock.

The US position is a familiar one. Let US win your hearts and minds or we will burn your village down. The US can never seem to make that strategy work.

https://internationalman.com/articles/the-real-reason-the-deep-state-hates-russia-and-what-it-means-for-gold/

by International Man

For years, the Deep State in the US—the permanently entrenched bureaucracy that runs the show no matter which party is in power—has labelled Russia “public enemy number one.”

To help us better understand the situation we’re turning to Doug Casey’s friend, Mark Gould.

Mark is an executive for a company in the oil industry, also working on several media projects. He also has 30 years of experience in Russian telecommunications as co-founder of CTC Media (previously NASDAQ:CTCM); and afterwards pioneering digital compression for TV (the core technology for video streaming) on the Soviet Satellite system, Moscow Global. Mark currently lives in Moscow.

International Man: Naturally, Americans have a lot of misconceptions about Russia. And that’s what we want to help clear up today. The importance of Russia to world affairs is simply too important to ignore or to not understand properly.

Also, this perception gap about Russia could be key to finding interesting investment opportunities—particularly in the natural resources space—that are off the radar of the mainstream financial media.

John McCain used to call Russia a gas station masquerading as a country. This is a childish and overly simplistic characterization. Others in the US media and government have made similar comments. What does the mainstream image of Russia get wrong?

Mark Gould: The US perspective is stuck in the 1960s and even earlier, going back to the 19th century.

Russia is a unique society. It’s a normal place, operating under its own rules and customs. Viewing it through the prism of the Soviet past is not concurrent with present realities. Russia is an independent state that has its own concerns, people, leaders, and problems just like America does. And the people are patriotic and so is the president.

Russia is charting its own path. It doesn’t want to be under the thumb of the IMF or the World Bank…

If you go back in history a little bit, you can get the Russian perspective on gold.

The Russian ruble has always been backed by gold. It’s not a new idea. And Russia has more reserves in gold that backs the currency than almost any other country.

Russia is also the world’s largest producer of oil; it’s the second largest producer of natural gas; it’s number two in sunflower oil.

Kicking Russia out of SWIFT or doing anything like that would be basically cutting off your nose to spite your own face. The US government would be complete idiots to do that.

Money is an idea backed by confidence, and gold has held that for many years for many people and for many countries.

Russia is hedging its bets. It’s building its own trade alliances. For example, recently Russia signed a deal with Huawei, the Chinese company that’s been banned from American markets.

International Man: Russia has been building alternatives to Western-dominated systems. This includes measures to protect itself from sanctions involving the US financial system, an alternative to the SWIFT system, alternative trade deals with other BRICS countries, the Eurasian Economic Union, and integration with China’s New Silk Road program. Where do you see this trend going?

Mark Gould: Well I think it’s going to continue.

Russia is building alliances; who doesn’t? To expect Russia not to look after its own economic self-interest is absurd. It’s the same thing the US or the UK or France or Indonesia do…

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Doug Casey: Iran Is a Danger to No One – Casey Research

Posted by M. C. on May 25, 2019

https://www.caseyresearch.com/articles/doug-casey-iran-is-a-danger-to-no-one/

Justin: Doug, how do you see the situation in the Middle East playing out? Do you think we’re on the verge of a major shooting war?

Doug: The way the U.S. is antagonizing Iran is stupid, criminal, dangerous, and counterproductive.

Right now, one or more carrier groups are sitting in the Persian Gulf. Presumably to intimidate the Iranians – which makes no sense. It amounts to bullying, going out of your way to pick a fight. The U.S. had better hope this adventure doesn’t spin out of control, because the Gulf is a narrow, shallow sea. Those ships are sitting ducks. A number of them, including a $15 billion carrier, could wind up as a new artificial reef.

How can that happen? U.S. carrier groups are well defended with all kinds of advanced weaponry. But every country today, absolutely including Iran, has supersonic sea-skimming missiles. In addition to ballistic missiles. Even poor backward places like North Korea, with the gross domestic product the size of a medium U.S. city, is a dangerous opponent.

Taking out a carrier in the Gulf, which Caesar would have called a “narrow and difficult” place, won’t be hard. But there won’t just be one missile approaching at 2000 mph from perhaps 30 miles away. They’ll launch them by the hundreds, and quantity has a quality all its own.

That could happen if the U.S. provokes the Iranians. And if that happens, the U.S. will feel obligated to counter attack. The cat’s out of the bag at that point. This could go in any direction, unpredictably, and get completely out of control. It could lead to something resembling World War III. It’s criminally stupid to go looking for trouble – pointlessly – on the other side of the world. The Iranians pose no threat to anyone. In fact, they have cordial relations with everyone in the region, and the world, except the Israelis and the Saudis.

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