Monday, March 16, 2015

Currency Wars: In desperate move, SWIFT adds Russia to its board as a voting member

Source: The Daily Economist

Two days after China announced they were within months of implementing their own version of SWIFT to compete and perhaps overtake the U.S. dollar as the globally recognized reserve currency, the West does a U-Turn and has accepted Russia as a voting member of their financial messaging and interchange system.  This move on March 11 comes just months after the U.S. threatened the Eurasian oil giant with being locked out of SWIFT over the Ukraine conflict, and appears now to be an act of desperation as the dollar becomes less and less of a factor in global trade.

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