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More banks will cut off Russian payment system Mir - senior official

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Martin Everson

Martin Everson

OffshoreCorpTalk moderator
Jan 2, 2018
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The very reason why countries should de-dollarize their financial systems asap. Once your banks have USD correspondence accounts in New York your financial system is no longer independent or under your control. You become subject to US extra-territorial sanctions, regulations and they can pressure, threaten or even collapse your banking system by removing USD correspondence access.

https://www.msn.com/en-gb/news/worl...ayment-system-mir-senior-official/ar-AA123dgK
Case in point was Hong Kong leader Carrie Lam who had to be paid in physical cash. US sanctions on her meant banks in her own country cannot maintain a bank account for her in any currency if they have USD correspondence relationship...lol.

https://www.bbc.com/news/world-asia-china-55113149
P.S But I get it that a lot of countries have outstanding national debt in USD so are held hostage. And Turkey is no exception to this...lol

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Nobody forced them to raise debt in USD.

Many countries can't raise⁠ debt in their own currencies because it exposes the investors for currency risk: the country⁤ can always devalue their national currency. So they are effectively forced to raise debt in⁣ USD (or EUR) just by market forces. One can make the case that if investors⁢ don't trust your currency enough to lend you, maybe you shouldn't borrow in other currencies︀ and expose yourself to a default.

De-dollarize into what?

Any movement of currency︂ is subject to the central bank approval. When you transfer EUR your wire goes through︃ TARGET2 and ECB can block any transaction they don't like. I have had a bank︄ tell me "You can't do any transaction with country XXXX in EUR" due to ECB︅ orders.

And even if you raise debt in EUR, the Euro is crashing so much︆ against the USD- why would anybody want to hold EUR, much less have debt denominated︇ in EUR that loses value by the day, if not by the hour.

Do you︈ prefer having RMB accounts in which the Chinese central bank knows everything about you and︉ your transactions and can block them? Any Chinese person that manage to escape China would︊ gladly prefer USD\EUR rather than RMB.

As someone who himself lives in a "US vassal︋ state" (as you yourself described it) it's a bit ironic to be so hostile to︌ the USD and the American system. Clearly you have voted with your legs as to︍ which system is better.

It's indeed sad️ that puppets of the CCP can't get a US bank account 🙁
The world's smallest violin‌ is playing very sad music...
 
De-dollarize into globally︌ accepted censorship-resistant alternatives in which states cannot (and actually should not) interfere.
 
Use local currency and setup swap lines‌ with China like other countries have done 😉. I discussed it below.

https://www.offshorecorptalk.com/th...-future-potential-sanctions.36646/post-204588

Only you mentioned Euro. No idea why you brought up︂ the euro. Only you know why you raised a discussion about the euro use and︃ then go on to debate it with yourself...lol. Thats very weird 🙄.

P.S I know︄ this thread now mentions China and Russia at same time but chill for a minute︅ and don't get so easily triggered. You end up with a misty mind and start︆ debating something (euros) no one has mentioned...lol smi(&%.
 
I (hopefully) understand your thoughts and to remarkable extent︈ I share it; but really, why are you mentioning especially EUR and RMB? (Of course︉ it would be something not much better, or even worse than USD.) Just for example,︊ CHF debts have a long tradition. Not mentioning GBP and JPY, ...
I must admit, I do︌ not follow 🙁 (Perhaps it is a minor issue; nevertheless, Carrie Lam studied at University of︍ Hong Kong and then in Cambridge, AFAIK.)
 
UnionPay (?).
If so, I think the frightening Mir foreign participants in such‌ a way as described above was the dumbest step that the U.S. made since a‍ very long ago. Welcome, China dominancy.
 
it seems you︌ live in your old status quo.

saudi arabia is NOW OFFICALY protected by Russia and︍ not USA anymore.
At the right timing this will be announced so guess what will︎ stay from the petro dollar.
There is a reason why central banks are buying gold️ and why biz made gold tier 1 money

Keep holding your money after the⁤ peak in USD and lets see how much worth it will be in 2025.
Vassal by choice or by force?
 
Dollar is on the way out, one last run to 165 region (DXY) then collapse.‌

It peaks around Nov 24 so not a good time to be holding in⁤ 25.
 
yes i see the same date arround the peak and⁠ after that only one way south losing like 50% to AUD/CAD/RUB/SGD till 2025
 
These US actions towards Turkey, a fellow NATO member, is the very reason countries need‌ to de-dollarize in the long term. Once countries start this process only then will the‍ U.S have a much more humble relationship with them. While the U.S has a free⁠ license to effectively commit financial terrorism against you because you use the dollar in international⁤ trade and hold some of your own national debt in dollars then nothing will change.⁣

Bottom line is an alternative solution will be found and it may come out of⁢ the BRICS.
 
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