کد خبر: 234215تاریخ: 1397/8/22 15:41
SWIFT's Iran ban will expedite global de-dollarization
SWIFT's Iran ban will expedite global de-dollarization
The blacklisting of Iran from international financial messaging system SWIFT will hasten the demise of the dollar, stockbroker-turned broadcaster Max Keiser told RT.

SWIFT, a system that facilitates cross-border payments between 11,000 financial institutions in more than 200 countries worldwide cut several Iranian banks, including the Central Bank of Iran, off from its services on Monday.

The move came as a result of US pressure and was described by US Treasury Secretary Steven Mnuchin as "the right decision to protect the integrity of the international financial system".

"The US puzzlingly seems to want to expedite global de-dollarization with its ill-advised weaponization of SWIFT," Keiser said.

"The impact this is having globally is clear. Russia and China are developing an alternative to SWIFT while also buying hundreds of tons of gold as a means to escape the US dollar chokehold. This in turn will accelerate global de-dollarization."

Russia has already drastically expanded its gold stockpile in recent years, as relations between Washington and Moscow have soured.

As the Trump administration geared up to impose new sanctions on Moscow in August, the Russian government increased its holdings to over $83 billion, while simultaneously reducing its holdings of US debt from $96 billion in March to just $14.9 billion in May.

Whatever the long-term implications for the US dollar, Iran now faces a more drastic short-term problem. Without SWIFT access, the country cannot be paid for exports or pay for imports. With an economy reeling from US sanctions — applied in 19 rounds since President Donald Trump withdrew from the Joint Comprehensive Plan of Action (JCPOA), or Iran deal, in May — Tehran might have to think outside the box to ensure its economic survival.

"Iran needs to get smart and start hoarding gold and Bitcoin if it wants to avoid the worst of the fallout," Keiser told RT.

"It is already, smartly, pursuing bilateral energy deals outside of the US dollar, but it needs to add value to its currency with reserves of gold and Bitcoin."

Keiser, who sees gold and cryptocurrency as the way forward for the 'post US dollar hegemony' said, "The world is anxious to stop this madness."

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