US Has Gone Rogue with SWIFT’s Iran Cutoff

SWIFT cut a raft of Iranian banks – including the country’s central bank – off from its system on Monday, having come under pressure from the US to do so. Treasury Secretary Steven Mnuchin said that the move is “the right decision to protect the integrity of the international financial system.”

Prof. Keen, an economist at Kingston University, told RT that while the global economy is too big to be badly affected by the move, the exclusion of Iran “will emphasise the danger of using a single national currency as the means for international payments.”

“The USA is big enough to bully what should be an impartial means for monetary transactions between countries,” he added. “This should not be possible.”

Unfortunately for Iran, it is possible. A Keynesian economist, Keen lays the blame with the American delegation who went to the 1944 Bretton Woods Conference, where the rules of the post-WWII economic order were decided.

At the conference, British economist John Maynard Keynes proposed the creation of an International Clearing Union to regulate the balance of trade. The ICU would effectively be an international bank with its own currency – the Bancor – exchangeable with national currencies at a fixed rate.

The American team, led by Harry Dexter White, took a position of “absolutely no,” and Keynes’ dream died. “We are now seeing why Keynes was right,” Keen told RT.

The SWIFT ban, the professor argues, should serve as a wakeup call to other countries that “the US has gone rogue, and cannot be allowed to dictate economic or political policy to the rest of the world.”

“The sooner the rest of the world develops an alternate payments system – possibly working through SWIFT, but using a basket of currencies as the basis for a supra-national unit of exchange – the better.”

In the absence of a global overhaul to the current payments system, Iran will pay a high price. The US has now fully reapplied sanctions that were lifted under the 2015 Joint Comprehensive Plan of Action (JCPOA), or Iran deal, dealing a hammer blow to the Islamic Republic’s economy.

Now, unable to receive payments for its oil exports – which account for 60 percent of the country’s total exports – the leaders of Tehran are looking at a substantial recession ahead.

European leaders have mulled creating an alternate payments system to bypass US sanctions and keep the JCPOA alive, but such a solution is still months away at least. Keen reckons Monday’s news might spur them into action.

“What has been a set of thought bubbles should become a concrete proposal, and pronto,” he said. “SWIFT would be well-advised to work with the European Union (and probably the Russians and the Chinese) to set this up as soon as possible.”.

18 thoughts on “US Has Gone Rogue with SWIFT’s Iran Cutoff”

  1. Extremely nasty! Perhaps not so swift-ly, but sure-ly the US is short-circuiting the global currency payment system and in doing so, digging its own financial grave.

  2. GONE ROUGE?!?!…W-T-F-U!…The “Corporate” USA was Rouge at it’s very Creation…STOLEN from the INDIGENOUS “AMERICAN’S” Who were AFRICANS and INDIANS…Robed of its Wealth via SLAVES and outright Theft, via VIOLENCE and WAR.
    Doesn’t even abide by it’s own “Constitution” witch was actually form off “Native American’s way of living.
    NO…This country is DOOMED to FAIL…and was ALWAYS A “ROUGE” nation.
    They are even NOW at work at “Self-Destruction”…Check out what’s Happening in California (WILD-FIRES?!) as an example…WAKE UP!

    1. You don’t know what you are saying. The Middle East slavery with Islam is still on. No peace in muslims countries just oppressing their own people. “O Muslims do not take Jews and Christians for friends.” The Quran 5:51

      1. ALL “Religion” is a form of Slavery Jean, in case you haven’t “Awakened” to IT.
        BUT…It is still VERY TRUTHFUL that the USA is a Rouge State, and was formed EXACTLY as I described…Do research on the REAL-Story (Not HIS-Story)
        You can start with the subject: “From Indigenous America to African America”
        THIS is just ONE of dozens of videos proving this to be truth…and this one is in SEVEN parts and will take a couple of days to cover…unless you can spend the 7+ hours to watch straight through (I did)
        Make sure to take notes too.


    1. That is a clever move by them if they eventually export it, but the price of oil is dropping for them ($10 in a month already) and at $45/barrell it becomes break even.
      They will be able to make a deal with Europe because as I said the British claws are still in their oil wells. But how much will they be selling oil for then. Here in the UK we are buying diesel at the pump for £1.32/litre – showing no real reflection on these low oil prices.

  3. What a load of cods wallop! And the so called BRICS alliance never thought passed this. So how were they going to establish a new dominant world currency if SWIFT were not to allow it?
    Why don’t all these countries that have sanctions implied just trade with each other? I tell you why, because the west and europe will simply block the passage of goods.
    Iran was broken before during the oil crisis of 1972 when they re took their oil wells back from the British only to have both sanctions applied to their oil exports and of course, you guessed it, the mighty American military intervention. They were after some months/years returned back into the hands of the British.
    Now it happens again?

    1. Geeee!!! Saplemau…You “Almost” Surprised me with your comments about OIL???
      Like is going to be an ENERGY needed in the FUTURE????
      Did You FORGET that OIL is OBSOLETE…Has been since the EARLY 20th Century…You DO Remember, don’t you???
      Therefore WHY Any discussion about the price of OIL???

  4. The sooner these Zionist evil moneychangers are eradicated from the world the better off we ALL will be.. Damm Dual Citizens, think they own the world, the most soul less inhumans alive..

We do appreciate sensible comments...

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.