That’s the Belgium based financial messaging service which handles most of the world’s interbank messaging the US says.
Swift has to cut off all the sanctions Iranian institutions and so if that happens it’s hard to see how Iran could get around the sanctions regardless of how creative they’re being how about European companies themselves because we know that the United States has threatened them if they don’t adhere to these sanctions are they likely to do so or not yes we have seen European companies pulling out of Iran and that’s despite the EU itself threatening sanctions on companies that pull out in it.
Because of the US sanctions so these companies are really in a tough spot because both Brussels and Washington are saying they must obey but what we have seen is is.
An exodus of European companies and some very big German companies among.
Them deciding that simply their bottom line cannot support being in a confrontation with.
Washington and that whatever losses they have to take by cutting contracts in Iran and and possibly annoying Brussels is going to.
Don’t think there’s any deep dollarization taking place I think that’s going to go okay Rory is so interesting I just do not understand why the US media doesn’t even give it as anything it’s just it’s the young Kim it’s the young young you’re him of stories I know I find it fascinating the important isn’t important thing to.
Know about well particularly now I did talk to the former New York banker about this he said remember when I told you we won and I.
Think we talked about on the show a couple years ago one he says the European banks have lost they cannot function without the US dollar it’s impossible they can’t do anything without the.
And he says they’re really really really in trouble now and and you know Italy talking about a patriot bail in where where the.
Government is now proposing actually proposing and writing well twenty percent of whatever you have.
In the bank you know and it’ll be piddle you.
Get a bond for it an IOU and it’ll be patriotic do it for Italy.
And people are like oh yeah good yeah okay Mario that’s really bizarre I mean their money’s about to get stolen from them as if they’d have an option to say no no don’t take my twenty percent it’s like.
What happened in Greece so yeah so I I don’t think that there’s gonna be a D dollarization but certainly it’s it’s very it’s risky tore our entire business model of the.
United States which changed in the 70s well after it changed much earlier taking us off the gold standard but once once we won sweet well that’s not entirely true once we made the deal with the Saudis which is why this is so.
Interesting with Khashoggi and all this stuff that’s circling around it once we made the deal with the salaries which is okay you sell as much oil as you want you.
Do every whatever you want has to be in dollars we’ll protect your ass that’s always been the deal it’s very simple but now it’s you know stuffs a little shaky things are different and you know again I don’t see the dollar deed dollarization taking place any soon but it certainly would start with oil purchases in a different in a different currency and then the way to get there start with some alternative messaging system.
Alternative to swift before t luck before you know it you know that war people her over there especially probably at NSA are working on ways to crack any possible system these guys come up with I’m actually surprised but it’s not hasn’t been crap well this is Nayan I think what we’re actually seeing with some interesting spikes I.
Think they’re using bit not blocked the blockchain but Bitcoin I think is being.
Used for some transactions oil transactions as we speak and.
It makes nothing but since you get your you’re guaranteed proof that this is you know this essentially there understand well I’m just saying you don’t use you circumvent the whole you need a bank account at my bank.
Thing all of that goes away well this is a.
Story that needs to be discussed it’s now your beat yes while I’ve been beating this for a while that’s it yes you.
Finally perked up I’m so happy to have you here Leakey okay well yeah well that reminds me I’ll bring a couple of notes I need some letters to be read bitching about me this guy bitch honey who’s bitching about you I’ll mess.
Him up yeah this is one of our one of our sirs I won’t admit his name is haven’t met sir met no Jen is the most valuable content media out there I have always struggled with you and Adams general rudeness though I imagine most of your audience finds it humorous and/or entertaining does he.
Have an example of our said rudeness well it’s all the time but please try and stop being so rude to Adam about his segment.
Content length etc just because this material is boring are already known to you g’way wrote it is boring which is probably what the thing but he actually means boring to me or already known to so I’ll give him credit for that we’re already known to you doesn’t mean it’s familiar to us in.
The audience the bickering makes the show awful to listen to keep up the good work I don’t quite get to keep up the good work part now by the way somebody pointed out the psychology of letters on this show and everywhere else if you start reading.
Letters like that you’ll get more letters like that yeah that’s a very good point so I don’t want to read a lot of letters like that but I do.
Want to read this one because this is a dimension B person and I’m actually arced by this letter and I now read some good letters because.
I got actually really good letters I keep.
My subscription this is a woman I keep my subscription to your newsletter so that I can monitor I try to do it a good accurate voice mm-hmm she’s monitoring I keep my subscription to your newsletter so that I can monitor whether.
The show ever goes back to being less partisan and less about politics there’s a lot more going on in the world because day after I’m reading this after you did your report on the oil and the Iranian yes I’m a lot more going on in the.
World besides shrimp an anti-trump I used to be able to hear about it by listening with no agenda now it’s only the BBC that talks about more than Trump there’s a.