Putin: Russia Leaving Global Banking System – Ditching Dollar For Gold
Sean Adl-Tabatabai
YourNewsWire.com
April 25, 2017
Russian President Vladimir Putin has announced plans to pull Russia out of the international banking cartel, by ditching the dollar for a gold-based system.
Joining other BRICS nations such as Brazil, India, China, and South Africa – Putin says he is liberating the Russian people from the international banking mafia so that Russia can enjoy real financial independence.
Anonhq.com reports:
The problem, however, is the international banks are threatening to bar Russian access from this system if they leave the ‘big club.’
Many economists have informed the world leaders of the consequences facing them if they remove Russia from the SWIFT system. Ewald Nowotny, an economist and a policy maker for the European Central Bank highlighted how if Russia is removed from the SWIFT system international companies conducting business in Russia will be the first to suffer.
However, according to Elvira Nabiullina, a Russian economist and former economic advisor to President Putin and the head of the Central Bank of Russia, if Russia is removed from the Worldwide Interbank Financial Telecommunications then Russia’s banks won’t collapse. She explained how they have devised a new system that will continue operations in the SWIFT format and will work as an alternative for the country.
According to a report published last year, more than three hundred banks in Russia have adopted the SWIFT alternative – the System for Transfer of Financial Messages, or SPFS as the Russians call it.
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