{"id":91316,"date":"2024-10-30T15:00:53","date_gmt":"2024-10-30T23:00:53","guid":{"rendered":"https:\/\/www.cogwriter.com\/news\/?p=91316"},"modified":"2024-11-03T05:46:41","modified_gmt":"2024-11-03T13:46:41","slug":"swift-end-to-the-us-dollar","status":"publish","type":"post","link":"https:\/\/www.cogwriter.com\/news\/prophecy\/swift-end-to-the-us-dollar\/","title":{"rendered":"SWIFT end to the US dollar?"},"content":{"rendered":"

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COGwriter<\/a><\/p>\n

The US dominance of international financial transfers known as SWIFT has been affected by its weaponization of its dollar, including sanctions against nations such as Russia.<\/p>\n

This has been going on for at least a decade, so Russia and other nations have taken steps.<\/p>\n

Notice the following:<\/p>\n

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Can BRICS Pay become a challenger to SWIFT?<\/h2>\n

October 30, 2024<\/p>\n

Countries in today’s globalized economy are increasingly interdependent, relying on international payment networks to facilitate cross-border transactions. SWIFT, headquartered in Brussels, Belgium, is the most widely used payment network, processing transactions predominantly in US dollars.<\/p>\n

Although it operates from Europe, SWIFT is influenced by the US Federal Reserve, the European Central Bank, and other G-10 financial authorities, which allows the US considerable sway over the system. This influence has been described as the “weaponization” of SWIFT, as control over global payments can have strategic consequences. …<\/p>\n

Russia has been working to insulate itself from SWIFT dependency since it annexed Crimea in 2014. This initiative led to the development of the System for Transfer of Financial Messages (SPFS), an alternative platform created by Russia’s central bank. Currently, SPFS connects 557 banks and companies, including 159 foreign entities, with 160 banks worldwide participating in the system.<\/p>\n

China has similarly developed its own alternative with the Cross-Border Interbank Payment System (CIPS), launched in 2015. By 2021, CIPS had processed a significant 80 trillion yuan (approximately $12.8 trillion), connecting 1,280 financial institutions across 103 countries. Among these are 30 Japanese banks, 23 Russian banks, and 31 African banks, marking its wide international reach.<\/p>\n

The origins of BRICS Pay<\/strong><\/p>\n

Events like the US’s recent seizure of Afghan reserve funds and frozen Russian assets have highlighted the vulnerability of dollar-denominated reserves, undermining trust in dollar debt as an international savings tool. This experience has prompted many nations to seek alternative trade settlement and currency security systems.<\/p>\n

In response to this shifting landscape, the announcement of BRICS Pay from Kazan, Russia, marks a significant milestone in the ongoing efforts to diversify global payment networks beyond the established US dollar-dominated systems.<\/p>\n

The BRICS Plus Summit of heads of state was held in Kazan, Russia, from October 22 to 24, 2024. The Kazan summit marked the first post-expansion gathering for BRICS, highlighting initiatives like the introduction of “BRICS Pay,” which aimed to fortify economic and trade ties within the group.<\/p>\n

The introduction of BRICS Pay aims to challenge SWIFT’s global monopoly and reduce dollar dominance, positioning it as a significant step towards financial autonomy for BRICS nations.<\/p>\n

However, BRICS Pay cannot yet replace SWIFT entirely unless BRICS members agree on a unified or common currency\u2014a challenging task given the economic disparities among member countries. https:\/\/www.tbsnews.net\/thoughts\/can-brics-pay-become-challenger-swift-980256<\/a><\/p>\n<\/blockquote>\n

Notice that Europe theoretically controls SWIFT. That also means that Europe could interfere with the US’ own ability to use it.<\/p>\n

That said, because of the use of financial sanctions by the US, some are concerned about their ramifications on its economy. Notice the following report:<\/p>\n

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The Biggest Story that’s NOT Being Told Will WREAK HAVOC on the US Economy<\/h2>\n

On February 26th<\/sup>, 2022, the U.S., EU, UK and Canada, agreed to ban a select group of Russian banks from the Society for Worldwide Interbank Financial Telecommunications, aka\u2026 SWIFT.<\/p>\n

The move was originally intended to cripple Russia\u2019s financial system in an effort to pressure Putin into ending his military operations in Ukraine. Seven Russian banks were denied access to SWIFT, initially causing somewhat of a negative impact on the Russian economy, but this move ultimately backfired on the U.S and its allies last week when, during the BRICS conference, the bloc introduced BRICS Pay.<\/p>\n

While there are some news outlets giving this story a bit of attention, it\u2019s not nearly getting the exposure it deserves, as this is one of the biggest economic developments of our time. In fact, 159 out of 195 countries will have the ability to bypass the SWIFT system entirely using BRICS Pay Blockchain based payment platform. Let that sink in for a moment\u2026more than 3\/4 of the countries in the world will be able to trade in currencies outside of the U.S. Dollar.<\/p>\n

In addition to the BRICS Pay announcement, Vladimir Putin confirmed that discussions of creating a gold-back currency, known as the \u201cUnit\u201d, are accelerating in an effort to replace the U.S. Dollar as the Global Reserve Currency. While the dollar still remains king of all currencies, the Federal Reserve seems to be doing nothing to neutralize the threat.<\/p>\n

The big question is, what kind of impact will this all have on the cost of imports, such as Crude Oil, Grain, Rice and Corn, if we are not able to buy those commodities in US Dollars? The bottom line is, the US Government shot themselves in the foot, and now, we may have to deal with a level of inflation that could be shocking. https:\/\/www.zerohedge.com\/news\/2024-10-28\/biggest-story-thats-not-being-told-will-wreak-havoc-us-economy<\/a><\/p><\/blockquote>\n

Yes, these moves can wreak havoc on the economy of the US. Notice something I posted about that back in 2019:<\/p>\n

Can this hurt the USA?<\/p>\n

Yes. By having alternatives to US dollar-dominated financial systems, it provides openings for others to not use the US dollar and hence decrease wealth that the US gets from its dominance of international finance.<\/p>\n

Are these moves away from SWIFT simply Russian and Chinese propaganda?<\/p>\n

No.<\/p>\n

Notice something from the Wall Street Journal<\/em>:<\/p>\n

Brussels and European Union states seem ready to stage a battle with Washington over an obscure but important financial-service network\u2014against Europe\u2019s own interests.<\/p>\n

The looming brouhaha concerns Swift \u2026<\/p>\n

Swift is particularly prone to U.S. pressure because the American financial system looms so large in the world. Swift\u2019s board includes representatives of European and American banks, and many messages across its network travel to or from the U.S. Some Europeans believe Washington wields too much influence over a network they think should operate on a multilateral consensus like a financial EU. 10\/17\/18 https:\/\/www.wsj.com\/articles\/europes-not-so-swift-diplomacy-1539730896<\/a><\/p>\n

Here is some information about SWIFT:<\/p>\n

The Society for Worldwide Interbank Financial Telecommunication<\/b> (SWIFT<\/b>) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT also sells software and services to financial institutions, much of it for use on the SWIFTNet network, and ISO 9362. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as “SWIFT codes”.<\/p>\n

The majority of international interbank messages use the SWIFT network. As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995). (Society for Worldwide Interbank Financial Telecommunication. Wikipedia, retrieved 04\/01\/19)<\/p>\n

Basically, most international cross-border payments seem to use SWIFT.<\/p>\n

Because of US sanctions and threats of sanctions, and its pressure on SWIFT, many nations are looking to develop ways to bypass it. (Thiel B. \u2018SWIFT end\u2019 as Russian banks move towards Chinese financial system? Can this hurt the USA?<\/a>\u00a0COGwriter, April 1, 2019)<\/p><\/blockquote>\n

In that post, I also had the following from 2018:<\/p>\n

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US Sanctions and Tariffs leading to New World Order?<\/a><\/h3>\n<\/blockquote>\n
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Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted \u201cSomebody must find a solution and stop the USA.\u201d The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are \u201cunintended consequences\u201d of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has \u2018Lord\u2019 Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more. <\/span>Here is a link to our video: US Sanctions and Tariffs leading to New World Order?<\/a><\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n

Since those came out, the BRICS group has expanded, the US put in more sanctions, and we are seeing more steps being worked on by more and more of the world to bypass the US dollar and to bypass the SWIFT system.<\/p>\n

When she was US Secretary of State, Hillary Clinton used to brag about how the US could use its so-called ‘soft-power,’ which mainly means imposing Washington’s will through economic blackmail and other pressures.<\/p>\n

While that may seem successful in the short-run, in the long run it pushes nations away from the US.<\/p>\n

Dethroning the US dollar will cause massive economic problems for the USA. Much more than almost anyone believes. The standard of living in the USA has been raised\/subsidized for decades because of the status of the US dollar. That status is weakening. This will ultimately severely hurt the USA.<\/p>\n

What will happen to the economy of the USA will be much worse than what happened to the UK when the pound sterling lost its status as the world’s primary reserve currency.<\/p>\n

Another thing that has been happening is that Russia may have yet another way around SWIFT–making the Ruble a Central Bank Digital Currency (CBDC). Notice something from the Carnegie Endowment for International Peace<\/em>:<\/p>\n

A central bank digital currency could provide Russia with an alternative to the SWIFT international payment system from which it has been cut off, …<\/p>\n

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In recent years, central banks in several major countries, including Russia and the United States, have been exploring the creation of digital assets, commonly known as central bank digital currencies (CBDCs).<\/p>\n<\/div>\n

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Russian policy discussions about the creation of a digital ruble center on its potential utility for facilitating international trade and mitigating the impact of sanctions. The advantages for Russia of CBDCs, including enhanced cross-border payment capabilities and reduced transaction costs, are fairly straightforward. They could provide Russia with alternatives to traditional payment systems like SWIFT that it lost access to as a result of Western economic sanctions introduced in the wake of the full-scale invasion of Ukraine in early 2022.<\/p>\n<\/div>\n

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The digital ruble project initiated by the Russian central bank in 2020 has progressed rapidly, with real-world testing involving several commercial banks and clients now under way. Positioned as a retail CBDC, the digital ruble is intended to integrate seamlessly into everyday transactions. …<\/p>\n

The potential success of Russia and China in this field does not pose an immediate threat to either the dominance of the U.S. dollar or the viability of the existing Western sanctions regime, but it does pave the way for gradual yet significant changes to the global financial system as we know it. 10\/17\/24 https:\/\/carnegieendowment.org\/research\/2024\/10\/russia-digital-ruble-development?lang=en&center=russia-eurasia<\/a><\/p>\n<\/div>\n<\/blockquote>\n

Yes, steps being taken by Russia, China, and others related to bypassing the US dollar and moving towards CBDCs are setting the stage to end the need for SWIFT–as well as the end of US dollar dominance.<\/p>\n

It should be noted that one of the reasons that the euro came about was to bypass the US dollar in intra-European trade, and to a major degree, that was successful. The Europeans want to dominate international finances, the Bible points to them temporarily succeeding in that (cf. Revelation chapters 17 & 18), and the US being gone (cf. Daniel 11:39).<\/p>\n

We are getting closer to the great tribulation (Matthew 24:21; see also When Will the Great Tribulation Begin?<\/a>) and final time of the Gentiles<\/a> (Luke 21:24) that Jesus spoke of when the European Beast power will rise up.<\/p>\n

As far as financial matters being a factor, notice something the late Pastor General of the old Worldwide Church of God, Herbert W. Armstrong, said in a sermon on July 7, 1984:<\/p>\n

And I can see now, the event that is going to trigger the formation of the reunification in Europe<\/strong>; the resurrection of the medieval Holy Roman Empire that we\u2019ve been looking forward to that is prophesied to come\u2026<\/p>\n

But I believe that some event is going to happen suddenly just like out a blue sky that is going to shock the whole world and is going to cause the nations in Europe to realize they must unite! \u2026 Well now I think I can see what may be the very event that is going to trigger\u2026that is the economic situation in the world<\/strong>\u2026<\/p>\n

The whole banking structure in the United States is a network all jointed together. But not only that, one nation has to deal with other nations and imports and exports. And so they have to have a means of transforming money from one nation to another. And so the banking structure is international and interwoven\u2026<\/p>\n

Now when the financial structure breaks down, all civilization is going to break down\u2026<\/p><\/blockquote>\n

So, an economic or banking crisis is what Herbert W. Armstrong<\/a><\/span> concluded would drive Europe to unite. That, along with trying to cooperate with some of the plans of the BRICS nations, could cause Europe to put the final nail in the use of SWIFT for the US dollar.<\/p>\n

The fact is that the Gentile nations are taking steps that the Anglo-American nations will one day regret.<\/p>\n

Related to BRICS and the USA dollar, we put together the following video:<\/p>\n

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14:31 <\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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BRICS Push Aside USA Dollar<\/a><\/h3>\n
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The BRICS nations (Brazil, Russia, India, China, and South Africa) have as one of their founding goals, to eliminate the need to use USA dollars in cross-border trade. Six additional nations have been invited to join BRICS in 2024, and India reports that six more are also being looked at. The BRICS nations have already begun to drop the USA dollar for some cross-border trading with Russia and China, indicating that they had almost done so completely in late 2023. What will happen to the economy and value of the USA dollar if more and more nations stop using it as a primary reserve and trading currency? What about hyperinflation? Does the Bible prophesy destruction for a highly indebted nation in the end time? Is the USA the most indebted nation of all time? What about the intent and use of the Euro? Will Europe and Asia cooperate to eliminate the USA and its British-descended allies?<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n

Here is a link to our video: BRICS Push Aside USA Dollar<\/a>.<\/p>\n

UPDATE 11\/03\/24: We just uploaded a SWIFT related video:<\/p>\n

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14:50<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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SWIFT end to the US dollar?<\/a><\/h3>\n

After World War II, the US dollar became the world’s primary international trading currency. In this video Dr. Thiel and Steve Dupuie go over some of the reasons for that development. They also discussed US dominance of SWIFT. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions. The use of sanctions and the weaponization of SWIFT by the US is brought out as are alternatives to SWIFT development by Russia (System for Transfer of Financial Messages-SPFS) and China (Cross-Border Interbank Payment System-CIPS). Also the BRICS Pay alternative to SWIFT, mentioned at the BRICS Kazan Summit in October 2024 was mentioned as well as “the Unit”, which is a potential gold-backed currency that Vladimir Putin brought up as another alternative. An article titled ‘The Biggest Story that\u2019s NOT Being Told Will WREAK HAVOC on the US Economy’ was discussed along with the specter of extreme inflation hitting the US once its dollar is no longer relied on internationally. The fact that SWIFT is supposed to be a European system, and one that Europeans want more control of, was mentioned along with the fact that the Europeans could also push harder for the end of SWIFT and\/or the US dollar dominance. The timing of the coming Great Tribulation and US banking\/financial matters was also mentioned.<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n

Here is a link to our video: SWIFT end to the US dollar?<\/a><\/p>\n

The USA dollar will no longer remain \u201cking.\u201d This will greatly impact the economy of the USA.<\/p>\n

As Jesus said: \u201cAnd what I say to you, I say to all: Watch!\u201d <\/span>(Mark 13:37).<\/p>\n

Some items of possibly related interest may include<\/em>:<\/p>\n

Lost Tribes and Prophecies:\u00a0What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America?<\/a> Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA<\/a>; Lost tribes, prophecies, and identifications<\/a>; 11 Tribes, 144,000, and Multitudes<\/a>; Israel, Jeremiah, Tea Tephi, and British Royalty<\/a>; Gentile European Beast<\/a>; Royal Succession, Samaria, and Prophecies<\/a>; Asia, Islands, Latin America, Africa, and Armageddon;<\/a>\u00a0 When Will the End of the Age Come?<\/a>;\u00a0 Rise of the Prophesied King of the North<\/a>; Christian Persecution from the Beast<\/a>; WWIII and the Coming New World Order<\/a>; and Woes, WWIV, and the Good News of the Kingdom of God<\/a>.
\nThe End of US Dollar Dominance<\/a> Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan<\/a>.
\nThe Plain Truth About Gold in Prophecy. How Should a Christian View Gold?<\/a> What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation\/deflation? What do Christians need to know about gold and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar<\/a> and Silver, Science, and Scripture<\/a>.
\nRussia and Ukraine: Their Origins and Prophesied Future<\/a>\u00a0Russia in prophecy. Where do the Russians come from? What about those in the Ukraine? What is prophesied for Russia and its allies? What will they do to the Europeans that supported the Beast in the end? There is also a video sermon available:\u00a0Russia in the Bible and in Prophecy\u00a0<\/span><\/a>as are two video sermonettes\u00a0Russia, Ukraine, Babylonian Europe, and Prophecy<\/a>\u00a0and\u00a0Ukraine in Prophecy?<\/a>
\nIs Russia the King of the North?<\/a>\u00a0Some claim it is. But what does the Bible teach? Here is a link to a video, also titled\u00a0Is Russia the King of the North?<\/a>
\nEuropa, the Beast, and Revelation<\/a>\u00a0Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about \u201cthe Beast\u201d? Is an emerging European power \u201cthe daughter of Babylon\u201d? What is ahead for Europe? Here is are links to related videos:\u00a0European history and the Bible<\/a>,\u00a0Europe In Prophecy<\/a>,\u00a0The End of European Babylon<\/a>, and\u00a0Can You Prove that the Beast to Come is European?<\/a><\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

COGwriter The US dominance of international financial transfers known as SWIFT has been affected by its weaponization of its dollar, including sanctions against nations such as Russia. This has been going on for at least a decade, so Russia and other nations have taken steps. Notice the following: Can BRICS Pay become a challenger to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-91316","post","type-post","status-publish","format-standard","hentry","category-prophecy"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t