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In Major Threat To Dollar’s Reserve Status, Russia Offers To Join European SWIFT-Bypass

Tyler Durden
July 19th, 2019
Comments (34)

This article was originally published by Tyler Durden at ZeroHedge.

Three weeks after a meeting between the countries who signed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by US, French, British and German officials said the trade mechanism which was proposed last summer – designed to circumvent both SWIFT as well as US sanctions banning trade with Iran – called Instex, is now operational.

And while we wait for the White House to threaten Europe with even greater tariffs unless it ends this special purpose vehicle – it already did once back in May when it warned that anyone associated with the SPV could be barred from the U.S. financial system if it goes into effect – a response from the US is now assured, because in the biggest attack on the dollar as a reserve currency to date, on Thursday, Russia signaled its willingness to join the controversial payments channel, and has called on Brussels to expand the new mechanism to cover oil exports, the FT reported.

Moscow’s involvement in the Instex channel would mark a significant step forward in attempts by the EU and Russia to rescue a 2015 Iran nuclear deal that has been unraveling since the Trump administration abandoned it last year.

“Russia is interested in close co-ordination with the European Union on Instex,” the Russian foreign ministry told the Financial Times. “The more countries and continents involved, the more effective will the mechanism be as a whole.”

… and the more isolated the US will be as a currency union meant to evade SWIFT and bypass the dollar’s reserve currency status will soon include virtually all relevant and important countries. Only China would be left outstanding; after the rest of the world’s would promptly join.

On Thursday, the Kremlin confirmed the foreign ministry’s take:

“We are tracking the information regarding this. If I’m not mistaken, there have already been statements from our side that, taking into account the first experience of using this system, when it is activated, we cannot rule out interaction in this regard,” Dmitry Peskov, Vladimir Putin’s spokesman, told reporters.

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Author: Tyler Durden
Date: July 19th, 2019
Website: https://www.zerohedge.com

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  1. If it means that the dollar collapses to the point where the US govt can no longer afford to look abroad for dragons to slay and has to pull all its troops back around the world, then I say GO FOR IT!

  2. Kevin2 says:

    The US having followed the globalist trend of ultra cheap labor has eviscerated its wealth creating once mighty industrial capacity. This economic might has been largely replaced with both the trickery of the fiat USD reserve currency finally backed up with the force of the US military as last resort. It’s absurd to believe that it is indefinitely sustainable. None of this will end well as all roads lead to war.

    • Justice says:

      Agree 100%… “all roads lead to war”.

    • Bill says:

      It has generally been a maxim “all roads lead to war” in the past, but not necessarily so now. In previous generations for example, people were more independent in their thinking, and isolationist in their politics. War had to be forcefully foisted upon the citizens by TPTB.
      There are many reasons and techniques now employed why a large major war may no longer be necessary for TPTB to help them achieve their goals as far as control of the citizens is concerned (the smaller regional wars and military actions today are for the benefit of the Zionist agenda).
      -We now have publicly subsidized bread and circuses (welfare state & mass entertainment) to keep the masses distracted and dependent on gov’t.
      -Though people have greater access to education now than ever before, public education starting at an early age is little more than mass indoctrination and social regimentation. Look how many absolutely useless degrees are being handed out for Feminist studies, Gender & Ethnic studies, Psychology, Sociology, Peace & International studies, and many more types of degrees like those are being designed every year. These degrees do not help or promote social unification, (in fact, they don’t even lend any real progress at all) they are designed to further divide to the point where no reconciliation is possible.
      -The art of mass propaganda has been sufficiently developed now with accompanying technology to hugely influence how people think and control their behavior. The MSM is merely the propaganda arm of TPTB. Pres. Reagan’s intelligence director said their job is a success when everything the Amer. people believe is false. TPTB, earnestly and literally, try to influence the internet, what is taught in public education, what is published, and what is presented in the MSM.
      -TPTB have also successfully contrived numerous threats (though mostly unreal) to our society to have the masses begging for security over their individual personal freedoms, allowing their civil rights to be limited and curtailed.
      -Society is so fractured there is no possibility of sufficiently uniting it on a national basis. TPTB has engineered society to be divided so as to not be able to pose a challenge to authority (divide and conquer).
      -The next big push by TPTB and their minions will a huge, highly coordinated national effort with massive resources to once and for all disarm the citizens. You will see the necessary massive propaganda promoted in the media, in the schools, everywhere. Unchecked federal power will be compel state and local gov’t to comply with their edicts, various groups and “civil rights” organizations will be enlisted by gov’t to provide any assistance. No doubt some “crisis’ will be fabricated to justify depriving citizens of their 2nd Amendment rights, and illegal laws and measures will be promulgated to forbid private gun ownership. The goal is to finally render powerless the last but sizable segment of society that can resist. However, this will utterly, completely, and totally fail.
      As long as the TPTB keep enough people successfully propagandized, purposely dumbed-down, dependent on gov’t, and kept afraid they will have a generally obedient citizenry, there is no reason TPTB need for a national mobilization type war, unless their own power and position was ever threatened.
      Long-term, and for several reasons, the present PTB will no longer exist, only to be replaced by some other type of PTB, only the goals do not change.

      • Kevin2 says:


        None of the nuclear armed nations of substance, US, UK, Fr, China will with intent engage in hostilities with each other but the scramble for resources and global political positioning make it all the more accidentally likely as one side fears the preemptive use of the saber during its rattling. The Cuban missile crisis shows that both sides were loosing tactical control over their forces. The US “practice” depth charging the Soviet Sub, the Cubans firing AAA and then a Soviet Officer in violation of orders seeing that launches a SAM2 which killed Major Anderson. WWIII will start with poor decisions bringing forces on the precipice of hostilities followed by an accident. The Rubicon is then crossed.

        • Mr_Yesterday says:

          It was all so much simpler when we thought planet X was hurling towards us and there was some underground bunker somewhere…

          Nobody can really get a solid handle on how far we’ve departed from the gold and silver standard, and what a silver ounce would be worth when and if the petrodollar is eventually restructured. Some say a few hundred, others say over a thousand, relatively speaking of course. Amex still has those babies at 5 for a hundred or less.

          Still watching Ron Paul Liberty Report nightly on Youbooob, all these years later. Ron is my hero.

  3. Anonymous says:

    Once there was community.
    Once upon a time, there was open discussion, free speech.
    This web site was once a place where ideas were exchanged.
    Now there is the censorship of the TechMonopoly Tyrants.

    pointless to post comments
    no you have not shut us up
    we are just going somewhere else
    so enjoy you fifedom kingdom and be a ruler of no one

    Biggest Financial crises the world has ever seen is NEAR.
    Economy crash world wide.
    Another war of the endless wars is NEAR. If Russia gets involved it could go nuclear.
    TechTyrantMonopoly will suppress thought, speech, and even use of language.
    Berkley California is a lunatic asylum.
    California is communist China on US soil.

    Rebel-Resist-Non Compliance
    LEAVE. Just Leave.
    – – – – – – – – – – – YOU ARE THE RESISTANCE

    Stand up to the NWO Communist.
    Communism demands gun control, then Genocide.

    Move along now. Web is big place. There are web sites that still allow free speech and open discussion.

  4. Anonymous says:

    Agreed; All of this is going along as intended and summarily planned. There’s money to be made on the way up and on the way down…

  5. rellik says:

    Don’t make the mistake of preparing to fight the next war
    be that economic or kinetic based solely on the last war.
    The USD may not stay as the worlds reserve currency.
    Not that I think that will bother us locally.
    But given the performance and reliability of
    European union, Russian, Indian, and Chinese governments,
    I doubt the USD will get dumped soon.
    Beside this post is about bypassing the existing international
    banking systems ways of moving money around( SWIFT), so Americans can’t use economic threats against foreign banks and we can be ignored. I know that is very a simplistic description.

    • Anonymous says:


      “The USD may not stay as the worlds reserve currency.
      Not that I think that will bother us locally.’

      The dilution pool which is the reserve currency status, for fiat created dollars in excess of US productivity, maintains not just the US domestic standard of living but also funds the military. I cannot see how it would be anything other than disastrous. It’s analogous to having a kid working part time and mom and dad augmenting it with 2x more. Thats one hell of a cut in funds.

    • Kevin2 says:


      “Not that I think that will bother us locally.”

      Without the false demand created for US dollars because of it’s Reserve Currency Status and subsequent great dilution pool for excess (fiat debt) dollars created the cost of foreign made goods would substantially increase thus significantly dropping the standard of living. The US military a great beneficiary of funding from the current system would receive a dramatic budget cut as the present purchasing power of the USD would plummet.


      In 2018, the United States of America imported US$24.3 billion worth of aluminum (British spelling aluminium) from a total 134 countries, territories or islands. That dollar amount reflects a 41.7% increase since 2014 and a 3.7% gain from 2017 to 2018.

    • Kevin2 says:

      “I doubt the USD will get dumped soon.”

      In increments its international use will reduce and with it its value. More like “death by 1000 cuts” than a decapitation. The US will either start producing again acquiring wealth traditionally or continue an economic decline. The “unique advantage” is not indefinitely sustainable.

  6. The economy is an energy construct, although money (debt) facilitates trade. Without hydrocarbons to covert heat into rotary motion there is no economy. So, it would seem that whomever controls the majority of energy flows, controls the means of payment. Thus we have the 800+ military bases and the division of the world into Centcom, Africom, etc. etc. control areas. Don’t believe most of the stories about “terrorism”…it’s mostly about oil control and the ones that are labelled terrorists by the west are those that do not bend to their will. They just moved troops back into an former US base in Saudi Arabia. Currently the empire and it’s vassal states and vassal oilcos control the majority of energy. Russia controls a goodly amount and the empire is trying to limit their market. The Saudis, Kuwait, UAE, are “partners” and Iraq is under control of the west. So, along with US oil production, most major oil is under US military/NATO oversight.They still want Iran’s production since they have the largest gas reserves in the world in the Pars field and major oil reserves. We can see they are trying to overthrow Venezuela’s government (largest oil reserves) to install Guaido who has stated his policies will also be favorable once again to western oilcos.

    So, while US foreign policies are mostly counter to libertarian principles, if you wish to retain the exorbitant privilege of the reserve currency and your current lifestyle, probably shouldn’t really complain too much. If you want to live like the homeless in LA, that is where you’ll be without your reserve currency. All the little things that make life easy are made in foreign countries due to the exorbitant privilege of the FRN reserve. There is no infrastructure left here to manufacture all that stuff, so if the FRN is rejected worldwide, the US will be f**ked. The JIT supply chains will stop working and all the parts from across the world will stop coming here if payment is required in something other than FRNs. This is a main reason Trump (and previous presidents) has pivoted 180* from his campaign rhetoric. The bosses have told him how it needs to be and he has capitulated. Will you?

    • Genius says:

      That is a great reason to have silver and gold. It will retain your purchasing power no matter the value of the dollar. An ounce of gold will buy the same amount of goods now as it did 100 years ago. Silver not quite but the gap in value compared to gold will shrink dramatically hence you will gain wealth with silver (why it is my fav).

    • Kevin2 says:


      You said a mouthful and it’s true. It’s not rooting for or against it’s predicting. The US will preemptively attack, with bullshit ostensible excuse to crush this economic rebellion which it has done in Iraq and Libya. This is a greater order of magnitude. Looking at the Cuban Missile Crisis, with a Soviet Officer voting not to use a nuclear torpedo, in a military system and government not known for democracy, being the only thing between a nuclear WWIII and not, isn’t very comforting. The unofficial / official policy is first strike if its believed the opponent will first strike.

      Sleep well.

      • Genius says:

        Yup JRS is correct. The ol’ axis of evil countries (those without a rothschild controlled bank). Can’t have them trading in other than US paper satans can we? If n’ ya drink beer all afternoon you sleep like a baby lol. Nothin’ I can do about any of this crap so why worry….

        Some Heads Are Gonna Roll
        Judas Priest
        You can look to the left and
        Look to the right
        But you will live in danger tonight
        When the enemy comes he will
        Never be heard
        He’ll blow your mind and not say a word
        Blinding lights, flashing colors
        Sleepless nights
        If the man with the power
        Can’t keep it under control
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        The power-mad freaks who are
        Ruling the earth
        Will show how little they think you’re worth
        With animal lust they’ll
        Devour your life
        And slice your word to bits like a knife
        One last day burning hell fire
        You’re blown away
        If the man with the power
        Can’t keep it under control
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        Know what it’s like
        When you’re taken for granted
        There goes your life
        It’s so underhanded
        If the man with the power
        Can’t keep it under control
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        Some heads are gonna roll
        Source: LyricFind
        Songwriters: Robert Sidney Jr. Halligan
        Some Heads Are Gonna Roll lyrics © Sony/ATV Music Publishing LLC

    • Montana Guy says:

      JRS, I agree with everything you said. Amen! It could be a State of Disunion Address.
      We will have to choose between slavery or suffering of possibly Biblical proportion. The duration of suffering is unknown. I don’t want my grandchildren in chains. I’m with Samuel Adams.

    • Karl V. says:

      JRS ~ An insightful and intelligent commentary. As for our personal survival under such circumstances, I believe that the tens of millions of destitute people –who went from “working poor” and “middle class” to ‘destitute’ in a matter of days– will clamor for the government to “do something”…. and one facet of this will be to strip assets from anyone who is vulnerable in an attempt to feed the starving…. and, more importantly, to “maintain order” (i.e., to keep the power structure intact).

      The super-wealthy have plenty of assets stashed all over the globe. Guys like Jeff Bezos and Mark Zuckerberg aren’t going to miss any meals. But if you’re a pretty ordinary guy who has worked hard all his life and managed to get ahead a little bit…. maybe you own a small business, or have a summer cottage, or have saved for decades in hopes of a secure retirement…. I suspect that resources like this will either be seized outright; or more likely, be layered with endless new taxes until they simply tax it away from you.

      After all, these hundreds of thousand of “undocumented” invaders “deserve” to eat at your expense, right? And your “fair share” is whatever people like Nancy Pelosi say it is.

      Whether you are prepping with a backwoods retreat (with that deed available by public access to anybody who does a quick online search), or if you have been stacking shiny coins (with online purchases tracked and stored in those vast government computer banks) or whatever your preparations…. they will only help you if you are able to hang on to them. With electronic surveillance everywhere these days, I am not at all sure that it’s even possible to do this.

  7. Clown World says:

    Fiat can be pegged to any value, irrespective of demand or materials or whether some foreign entity is hoarding it.

    The exact figure you’re looking for is, “Because I said so.”

    • Stuart says:

      While your statement is true for internal currency transactions, it is absolutely untrue for international ones. Globally, your currency is worth what I say it is when you are trading with me.

      • Clown World says:

        If the fed res a scion of the imf, demand is not being set by your trading partners.

        While it is interesting, to count, speculate, and make predictions, you are ultimately gambling on an executive decision, and should be frank about the true nature of it.

      • Kevin2 says:

        “While your statement is true for internal currency transactions”

        Not really. The Soviets believed that to be true and everyone had money. A loaf of bread may cost 4x the cost of sale and in the end there was continued shortage. A government can say, “I decree that this money is worth X value” however that doesn’t make it so.

        “We pretended to work and they pretended to pay us”.
        Common Soviet Citizen Statement

        • Clown World says:

          They would then limit the amount you can buy, in order to curb speculators.

          If you want to say, arbitrarily, that the price of a loaf of bread is $3.50, you have just pegged the currency to something.

          A market control is a backdoor to currency valuation.

          So, how to decide what is it worth. Whatever I say.

          You can measure trends and patterns, in anything completely random.

          But, without some nameable policy or plan, it was something completely random — a gut call or executive decision.

          Some say they are very superstitious, if this helps.

          • Kevin2 says:

            The more they meddle the more they have to meddle until nothing has a supply and demand value. Thats a planned controlled economy under “Crony Capitalism” which still has private ownership of the means of production. In effect it’s a blurry hybrid of Crony Capitalism, Communism with a good measure of fascism. What is clear is that it’s not the ideal that the Founding Fathers created. The closest existing definition of a system resembling (not in totality) of the above is:

            Political / Economic system in which power is exercised through large organizations (businesses, trade unions, their associated lobbying efforts, etc.) working in concert or conflict with each other; usually with the goal of influencing or subsuming the direction of the state and generally only to benefit their own socioeconomic agendas at the expense of the will of the people, and to the detriment of the common good.

  8. Shadow says:

    I would also add that the oil from fracking is very light crude that must be mixed with heavy crude in order to be used. Most of which comes from Russia or Venezuela at this time. So, no, technically we are not energy independent. Unless you can run diesel, gasoline and jet engines on sewing machine oil.

  9. asshat says:

    lets talk about the threat mosquitos bring to your health. it doesnt seem to be a topic they want to talk about. i know its not as sexy as all the other stuff. the truth is you get bit by skeeters and many with bugout plans will realize this quickly. you could get very sick i mean to the point of being debilitated. right now counties have fumigation programs where they spray to kill larvae which reduces the amount of skeeters thereby reducing the chances of disease transmission. ticks are another disease carrier. after shtf people will collect water and standing water breeds mosquitos. couple that with the county cutting back spraying of cancelling the program altogether cus of bigger problems like widespread unrest. you will see an explosion of mosquitos. as living conditions decline mosquito borne illness will be what kills people during the summer months. put it this way right now any cases of deadly viruses or bacterial infection are reported to the department of health so the gov thinks its a huge problem to public health. the bacterias are resistant to antibiotics now. what happens when there is a shortage of antibiotics. im gonna say more people will die from this than violence.

  10. Clown World says:

    special purpose vehicle (spv)

    The online explanation of this reads like a preferred stock.