Comment by avianlyric
2 months ago
> See thats why one needs a sovereign financial and banking system.
You mean a sovereign financial and banking system like the one currently freezing some $200B of Russian assets? Yeah I think the EU already has one of those.
SWIFT is belgian...
Last I checked Belgium was a member of the EU. Heck Brussels, generally considered the de-facto “capital” of the EU, is in Belgium.
It’s pretty hard to get more hardcore EU than Belgium.
You should go to Brussels and say that sometime ;) The EU quarter is quite different from the rest of the city.
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Aren't all SWIFT transactions over a certain amount routed to the US for approval?
That is not how SWIFT works at all. SWIFT is basically a peer to peer financial network between banks. Any bank can send any amount of money to any other bank, without any kind of approval from the US, provided they have an appropriate common facility. Which could be anything from both banks having accounts at a different common bank, or both banks holding accounts at a common national bank, which allows them to transact directly.
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