Re: SWIFT & sanctions.

People seem to have the wrong idea about what it is and more importantly who controls it.

We've been on a eurodollar NOT DOLLAR standard for half a century. Eurodollar not dollar.

This is a categoric difference.

www.realclearmarkets.com/articles/2021/02/12/theres_much_more_going_on_than_youve_been_led_to_believe...

Eurodollar not dollar global reserve system.

This means the global banking system monitors, keeps, and, yes, controls everything about it.

No govt controls the world's money nor its architecture. Doesn't matter if it's called "dollar", a eurodollar is something very different.

Since eurodollar also means OFFSHORE, most govts can do is try to exert political pressure on those banks.

Eurodollar not dollar. Once again, listen to Mr. Roosa (also note how he was speaking at a *Federal Reserve* conference in 1984).

Furthermore, SWIFT is only a messaging network. Any properly formatted message still needs to be settled in some venue, mostly CHIPS.

Guess who runs and controls CHIPS? Neither Fed nor feds (US).

Eurodollar not dollar system.

10:26 A brief history of Fedwire, Telex, SWIFT and CHIPS.
17:10 How does CHIPS function? How do banks manage intraday exposures to negative externalities?
21:56 How can a bank obtain cash to settle up at the end of a CHIPS day? There are three ways.

alhambrapartners.com/2021/02/16/eurodollar-universitys-making-sense-episode-46-part-1-getting-fishy-i...

One more time, EURODOLLAR, not dollar.

Been this way for a very, very long time.

Offshore ledger money = banks*

Not govts, not central banks.

*recognizing these facts is not an endorsement, just an acknowledgement of how it works.