For Russia Change Comes SWIFT
by Tom Luongo
Posted November 28, 2018
During the ruble crisis of 2014/15 Russia announced in the wake of U.S. and European sanctions over reunifying with Crimea that it would begin building a domestic electronic financial transfer system, an alternative to SWIFT.
That system, System for Transfer of Financial Messages (SPFS), is not only now functioning in Russia, according to a report from RT it now handles the financial transfer data for more than half of Russia’s institutions.
A common theme on this blog is that control is an illusion. Power is ephemeral. The best way to exercise your power is to have it but never use it. Because once you do use it you define for your enemies the costs of their lack of compliance to your edicts. More…