Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

All one really needs to know is this:

"For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he wrote."

Own goals galore Donny and his abuse of sanctions result, as was expected, in other nations and blocs finding their own clearing systems.

And then wave farewell to the US dollar as the world's primary reserve currency once these systems become operative - and then the US debt mountain will resemble Humpty Dumpty: nothing will put it back together again.

http://theduran.com/europe-unveils-...ss-swift-jeopardizing-dollars-reserve-status/

 

I don't understand any of that (would that I did, but I'm not that smart); but what I do know is that if EU jobsworths have a hand in it, it will crash and burn in short time.

 

So the EU want to invigorate again Iran's obsession of having it's own nuclear arsenal? I think that is irresponsible.

 

Quite the opposite. That is what Trump did. Europe is trying to show itself a place where people can do business, which will keep its treaties and who does not want a nuclear Iran.

Looking at what is possibly going on there I think this Financial Times article hit the nail when it spoke of the effect on the West if Trump became President, possibly not noticing the effects it would have on the US's position with its Western allies.

https://www.ft.com/content/804537f6-83d2-11e6-8897-2359a58ac7a5

 

But I did not see any conditions of halting nuclear proliferation with this EU schemes, I think the purpose is only to circumvent the sanctions in efforts to rekindle again the trading between the EU and Iran.

 

Oh well you are talking about something different. It was the JCPOA not any European Deal.

https://en.wikipedia.org/wiki/Joint_Comprehensive_Plan_of_Action

Iran is still sticking to the deal as she was when Trump went back on America's word. If the others can keep the deal likely Iran will keep her side. If not obviously she is under no compulsion to.

Not only did Trump renege on the word of the US but he then started threatening people who previous Presidents had thought were US allies with sanctions if they did not break their Treaty . It may be that Trump is moving into a position where he is losing same and that I think is what the OP is suggesting.

 

Well, NSA's John Bolton did clarify that Iran did not follow what's being agreed in JCPOA plus belligerent activities in the middle east and support of international terrorism. I think there was no outright opposition from the EU with such a declaration (correct me if I'm wrong), but surely if it's because of Trumps stance of populism whilst losing allies or any other probable reasons, still the act without addressing the proven unwanted actions of Iran calls a lot of concern.

 

He was telling Porkies then. Iran was keeping to the deal. Yes, you are also wrong about Europe. There was massive opposition as well as from Russia and China from the beginning. Of course it began with people going to see Trump and sucking up to him, making other suggestions and so on but the rest of the signatures were always against this and once the US went back on its word they made it clear they intended to keep theirs. Then of course Trump came out saying he was going to be sanctioning any who would not do as he told them including the EU. The EU have been working since on trying to find a way to keep the agreement going. It does look like this and other things is moving Europe away from its alliance with the US.

As for the unwanted actions of Iran, the same can of course be said about the US. The US forgot how to talk a long time ago. It has been busy imposing its will upon the world. Trump took this to a bit of an extreme believing that his allies were his poodles like the UK has been. Seems it is not so but that is for the future to tell and we are in a time of volatile change at the moment, the final position not at all clear.

 

How can you believe a word the war monger Bolton utters?

 

Iran deal didn't have Americas approval. Didn't have Congress' approval. He went back on Obamas word that isn't worth the paper it is written on.

 

Did the EU oppose it outright or was it Russia and China, do you have some links to prove this (sorry to ask), what will happen then now that Iran did know that the US sanction could not stop their nuclear proliferation program, the leverage to prevent that the sanction is already defeated, is there any move from the EU whatsoever to keep the pressure towards Iran to halt it's unwanted programs and ill sponsorships?

 

Yes the EU opposed it all on its own, including the UK, though last I looked Trump was asking May to stop but I think we still are. This is something which has been covered so much you really should know about it by now. There have been several threads on it. I will leave you to do your own searching. Other things demand my attention.

 

Either if he's telling the truth or not but the nuclear non proliferation should be included with the EU's economic oriented moves, for the mentioned Iranian nuclear programs which was already proven is a very serious matter in terms of peace in the Middle East or even to the world because it involves also major world powers.

 

You are being less than honest suggesting that the EU's only moves are economically orientated. We are much nearer the line of fire than you and hence have a far greater interest in nukes not going off in this side of the world. That being said of course economics is also part of it. It has no interest for the US it would appear. Like the US sanctions to Russia it is Europe who has to pay the major bill.

https://www.un.org/press/en/2018/sc13398.doc.htm

But the bottom line is, when the US goes back on deals that have taken 12 years to make, regardless of its excuses, it comes to be seen as not trustworthy and when it then threatens those who are keeping the deal, not a very worthy alley. That is what it looks like.

 

This is one of the most baffling things Trump has done. WHY would he renege on a deal that he could always make stricter because it wasn't as strict as he liked to begin with? This makes NO sense to me AND makes the USA look untrustworthy to our friends to boot.

 

For Trump himself, the general consensus seems to be because it was an Obama deal.

 

Unfortunately, however, the agreement was currently at a crossroads, she said, reiterating the Secretary-General’s deep regret at the announcement by the United States as well as his call upon Iran to carefully consider the concerns of Member States about activities that were allegedly contrary to restrictive provisions set out in annex B of resolution 2231 (2015).

Summarizing the Secretary-General’s report, she said the Secretariat had received information from two unidentified Member States on the supply, sale, transfer or export to Iran of dual-use items that might have been undertaken contrary to resolution 2231 (2015). The report also reflected information from Israel and Iran on two Iranian missile launches in January 2018, the Organization’s findings on ballistic missiles launched by Houthi rebels in Yemen into the territory of Saudi Arabia, and information from Israel regarding the possible presence of an Iranian drone in Syria, reportedly downed after entering Israeli airspace on 10 February 2018.

I think this statement from your link clarifies why the US withdraws from the agreement.

 

Or maybe he wants to get a war started there for when his tariffs crash the already overheated stock market. HOW can anybody still support this POS? I've lived through President's that were stupid, incompetent, mean, evil, dishonest, cruel, crazy and hateful but this guy is all of them at ONCE.

 

I am almost certain nothing has been proven to be against the deal that Iran did. As far as ballistic missiles are concerned Iran has the right to make these and clearly has the right to protect herself just like any other country does or ought to. I am unaware of actual proof of any Iranian missiles being sent to Yemen - they will do far better just using their own provided by the US. Iran may or may not support the Houthis to some degree. It is for example claimed that Hezbollah helped to train them. What you are talking about is an outside aggression on a sovereign nation, one of the poorest of the world which at this time has milliions of people on the brink of starvation. Now this is supported by both the US and UK so I suggest you look at what you are up to supporting and arming what is being called a genocide rather than whether Iran may or may not have provided weapons. You have. The UK has. You are continuing to support this slaughter for money.

https://www.independent.co.uk/news/...e-pompeo-arms-sales-gulf-allies-a8547566.html

Regarding the potential Iranian drone. I believe the claim was that it had gone off course. Due to this many died at Israeli hands and for the first time the relationship with Russia was frayed. Now look, Israel has drones flying about the place into others airspace all the time. She even goes into their airspace and bombs them whenever she wants.

Now please you cannot complain about someone doing something which you are doing yourself and it is the US again who has created the failed states in the ME.

 

Bolton and Pompeo definitely seem to be up for war. The problem I see is that his replacement, Pence, would likely be even worse.

 

It is tough when the feeding trough is withdrawn. It is natural for people to complain. So complain away.

 

It is past the point of complaining. The OP is about the potential consequences the US may face for showing the world its word counted for nothing and threatening those whose voice did count for something.

 

The agreement dealt only with nuclear weapons.

 

It is very easy Destroyer ...
As you know, Trump not only retreated wothout any reason from the Iran Deal which was by all sides welcomed, he also puts again sanctions on Iran and more ... wants to implement more of them.
Not only Russia and China are angry about this (Iran of course too) ... the 3 big Euros Uk, France and Germany and the rest of the EU is very angry too.
With this action they show the USA under Trump a very fat middle finger and make his intention rediculous by bypassing his sanctions totally!

So you still believe this bull**** of reasoning doen by Trump? O dear ...
The Deal out the Iranian Nuclear Program under full control and made it impossible that they build a nuclear weapon. All this rediculous BS blabbering of this or that military installation couldn't be controlled is nonsense!
Yes, the Iran denied access, but is there any evidence that something of building a nuclear weapon is there build? I mean ... with all this huge intelligence capacity given, not a single proof was given and more as that, if someone pointed to this question, there comes as answer "no comment" from Washington!

No ... it is all something very different and has nothing to do with the Iranian nuclear program why this jerk of President made this step: He and his hawks are very annoyed that the deal did not forbid Iran to have iths on regional interests and so to do the same as the US = keeping the interests above those of ll others!
That Iran is inside Iraq and in Syria, as well helping the Houthis in Yemen makes Washington angry.... but this has nothing to do with the intention of the Iran deal about nuclear wepaon!
And then we have the Iranian missile program which also makes Washington much angry... and this is again something for what is Iran allowed to do as much as they want... because there is no international agreement about which forbids it! A point what was and is also givren in North Korea, because mad midget can do what he wants here ... and the US has no right to demand something!

So the Euros have enough from this idiot of Washington and they are not willing to accept any BS from Washington further!

 

What I know is that the US profits when the dollar is used, and without it Washington wouldn't be able to print money non stop and carry on its wars. Also Washington wouldn't be able to monitor transactions through the SWIFT system and sanction nations at will.

Russia as a precaution, created its own SWIFT internally, that way its transactions won't be hampered if they are taken off SWIFT. They also wanted to create in international one as well, but I don't know how they can do that without the usage of one Currency? Right now they are using local currencies when trading with nations they are allied with.

Destroying the power and control of the American dollar and stopping the wars, has been a dream of the BRIC nations for years. When Washington imposed the second sanctions on Russia, Moscow didn't respond so as to give them a chance to think over what they were doing. When the US continued with even more sanctions so as to destroy Russia's economy, the war on the petro dollar began. Today Russia and China are united in dropping the American dollar.

With this latest move by the EU, we are in for a rough ride. The Euro can easily replace the dollar as an international currency, and so creating a new SWIFT system will be a real threat.