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The way the international trade system is set up right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts. This gives the US government an incredible amount of power… and if you know anything about the US government, you know they will extort any amount of power they can.
For example, in 2014, the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US didn’t approve of– namely Cuba and Iran.
This French bank did not violate any French laws, simply traded with Cuba and Iran.
Then, only months later, our little extortionist of a President inked a sweetheart nuclear deal with Iran and flew down to Cuba to attend a baseball game with his new BFFs.
BNP had to pay up just because the US said so. They had to pay $9 billion because they violated US law, and if they didn’t…. the US government threatened to kick them out of the US banking system, ultimately crippling their whole economy.
Big international banks, in particular, cannot function if they don’t have access to the US banking system. And as long as the US dollar remains the world’s dominant reserve currency, major banks must able to clear and settle US dollar transactions, if they expect to remain in business, making the US banking system the gatekeeper of the US dollar… until now.
Having watched BNP Paribas get blackmailed into paying an absurd $9 billion fine to the US government, the rest of the world’s mega-banks knew instantly that their heads could be next ones on the chopping block. So they started working on a Plan B.
A group of big banks led by UBS is working on its own version of digital cash, using blockchain, the technology underpinning Bitcoin.
The Swiss bank said on Wednesday, it has teamed up with Deutsche Bank, Spanish Santander bank, investment giant BNY Mellon, and market operator ICAP to launch what they call the “Utility Settlement Coin.”
They are planning to use the digital cash to settle financial trades using blockchain, avoiding clearing houses and settlement intermediaries. Instead of passing funds through the US banking system’s costly and inefficient network of correspondent accounts, blockchain technology provides an easy way for banks to send payments directly to one another.
These banks are tapping into a technology that could save the industry a lot of money. Banks and other financial institutions fork out between $65 billion and $80 billion a year to clear and settle transactions.
It would also make the whole process faster, as financial transactions currently take days to settle through clearing houses. Using blockchain could allow for transactions to be settled in near real time, according to UBS, reports HartfordBusiness.com.
Blockchain may very well be what neutralizes the US government’s domination of the global financial system. This is a big blow, considering all the other factors that have added up against the US dollar in the past year.
In the last 2 days, there have been a total of 19 banks signing up for this technology, to bypass the US. The latest 4 major banks are Deutsche Bank from Germany, UBS from Switzerland, Santander from Spain, and Bank of New York Mellon. These 4 have joined together to launch what they’re naming “utility settlement coin”.
Utility Settlement Coin has the potential to end the reliance on the US banking system for cross-border payments and financial transactions. Banks will be able to send payments to one another directly without having to transit through the Wall Street extortion toll plaza any longer.
This has enormous implications, especially for US banks, and mainly the Federal Reserve. The Feds have already warned that financial technology could pose stability risks to the US financial system. And that is correct.
If foreign banks are able to transact directly with one another without having to go through the US banking system, then why would they need to park trillions of dollars in the United States? They wouldn’t.
Adoption of this technology could cause a gigantic vacuum of deposits out of the US banking system. US banks would take a big hit. And the US government would have far fewer foreign buyers to sell its ever-expanding piles of debt.
Make no mistake, the adoption of this technology is a game-changing development with far-reaching implications. And it’s happening very quickly. This is expected to launch commercially in eighteen months, YourNewsWire.com has reported.