"BRICS is discussing the creation of a payment system similar to SWIFT.
According to Reuters, the launch of a new settlement mechanism, similar to the Western SWIFT but excluding the dollar from trade relations between the nine member countries, 'will allow BRICS to change the global trading landscape.'
This once again proves the viciousness of monopoly as a phenomenon.
The West, led by the United States, established a monopoly system of international payments, which it tried to turn into a mechanism for punishing those who challenge its policies.
Everyone in the world understood the meaning of the Western message—and it had a boomerang effect.
With the advent of the SWIFT analogue, the West loses its monopoly on information about global financial transactions.
Paradoxically, in a systemic sense, the West itself is undermining its position in the sphere it considers its domain—global finance.
The whole point is that a monopoly always strives for totality.
What's even funnier is that the West is digging yet a deeper hole for themselves by 'freezing' and talking about 'confisating' Russian funds from European banks.
It is actually stealing (mostly from Russian Oligarchs, so the Russian government does not give a hoot AND it won't affect the outcome of the war).
People see that theft. And they will no longer trust the bank, if it allows the avowed Nazi Ursula to take whatever she wants. So, fund managers look for 'safer' banks. Some of them will risk the London swamp (remember Brexit), others will choose BRICS banks.
BRICS has been in motion for 20 years or more. The demise of the dollar was evident since the 1970s. SWIFT is just another attempt to keep the party going
The problem with these long slow societal changes is that even when you know the outcome, the event horizon is so far away you can be completely right about the outcome but way too premature in preparing for the event.
Dedollarization is the trend. Salute to all the old time pm bugs that I cut my teeth on but who passed before being able to harvest their fruits. Crypto is now soaking up dollar liquidity while creating an electronic cage that will become so personalized it will resemble a second skin.
So - we are the baddies🤷♀️
Nitter: https://nitter.poast.org/nxt888/status/1816920831194472452
What's even funnier is that the West is digging yet a deeper hole for themselves by 'freezing' and talking about 'confisating' Russian funds from European banks.
It is actually stealing (mostly from Russian Oligarchs, so the Russian government does not give a hoot AND it won't affect the outcome of the war).
People see that theft. And they will no longer trust the bank, if it allows the avowed Nazi Ursula to take whatever she wants. So, fund managers look for 'safer' banks. Some of them will risk the London swamp (remember Brexit), others will choose BRICS banks.
BRICS has been in motion for 20 years or more. The demise of the dollar was evident since the 1970s. SWIFT is just another attempt to keep the party going
The problem with these long slow societal changes is that even when you know the outcome, the event horizon is so far away you can be completely right about the outcome but way too premature in preparing for the event.
Dedollarization is the trend. Salute to all the old time pm bugs that I cut my teeth on but who passed before being able to harvest their fruits. Crypto is now soaking up dollar liquidity while creating an electronic cage that will become so personalized it will resemble a second skin.
XRP has entered the chat.