1383 New Reserve Currency
America’s military might is formidable but that’s not what gives the United States control of the world, for that they use finances. Since money is imaginary, if two countries trade with each other, how do they transfer from one imaginary currency to the other? Behind most international money and security transfers is the Society for Worldwide Interbank Financial Telecommunications, called SWIFT in the vernacular. SWIFT is the messaging network of all financial institutions. Without SWIFT, businesses can’t do business, and SWIFT is denominated in U.S. dollars. If that wasn’t enough, all Oil payments in the world are denominated in U.S. dollars. This makes the U.S. dollar the de facto world currency, the so-called reserve currency.
The power of controlling the only reserve currency is immense; so big in fact, that it was the primary weapon used against Russia in its invasion of Ukraine. Russia could no longer do business with the world because they were blocked out of SWIFT. It almost worked but Russia, along with other major countries that did not want to be under the thumb of fickle American political machinations, is trying to create their own reserve currency. Russia, China & India trade among themselves without SWIFT now, and Saudi Arabia has begun selling oil in other currencies. This will create a competing international banking system, which is good, because there needs to be an alternative when, for example, Canada froze the bank accounts of the truckers protesting against vaxx mandates. Government won’t be able to shut down competing voices by isolating them from money if there is a new reserve currency to go to.
Categories | PRay TeLL, Dr. Hash
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