In a letter to Pope ofhe wrote, "Imagine a nation the two-thirds of whose revenues are spent out of it, and who are not permitted to trade with the other third, and where the pride of the women will not suffer [allow] them to wear their own manufactures even where they excel what come from abroad:
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Sign up for our Wine Club today. Did you know you can support The Nation by drinking wine? Money crisscrosses the globe, but only in accounting terms. But far from being run by operatives in Langley, the Society for Worldwide Interbank Financial Telecommunication is a cooperative society under Belgian law located on the edges of a lush park on the Southern outskirts of Brussels.
Founded in at the urging of a pair of Dutch and French bankers, SWIFT sought to develop common standards for financial transactions for a new age of floating exchange rates and the free global movement of capital after the collapse of the Bretton Woods system.
Bythe number of messages had exploded to almost million, and today, its system fires off more than 5 billion messages around the globe every year. SWIFT was in the first instance a construct of European banking, only grudgingly adopted by American banks that had initially sought to impose their own proprietary standards.
Outsize American influence over the network is a very recent phenomenon.
The new rationale of anti-terrorism paved the way for unprecedented American access to SWIFT data, and a memorandum of understanding between the Belgian society and the Americans gave the US Treasury Department the ability to track financial flows in real time far beyond its borders.
When faced with the twin threat of US subpoenas and a violation of EU privacy law, it chose to abide by the American subpoenas, triggering a complex set of negotiations between the United States, the European Commission, and the Council of the European Union that ultimately changed very little.
Current Issue View our current issue Today, SWIFT is a private cooperative in name only; it can no longer pretend to avoid the global geopolitical hierarchies of our time.
Thanks to its intelligence might, the American state can monitor virtually all cross-border bank transfers through SWIFT. Given how integral SWIFT is to global finance, it is understandable why Europeans plead for a world in which the United States is no longer able to sanction financial transactions outside its borders.
European proposals for a SWIFT competitor are likely insufficient for altering the geopolitical landscape or for reviving the fortunes of progressive internationalism.
A new SWIFT will not curb US power over global financial markets; nor will it lead European banks to remove themselves from the essential lifeline of dollar funding. In any future standoff over subpoenas, there is no reason to believe that the balance of power has favorably tilted toward the Europeans.
Not even the Chinese would dare to extricate themselves from the global dollar system. The pivotal role of dollar, not the message system, is the problem. As the EU itself seems to have recognized, in order to enable Iran to sell some of its oil and allow European producers to continue trading with Iran, all that is needed is a special-purpose vehicle that would settle Iranian oil against foreign goods without the use of direct financial transactions.
It remains to be seen whether the European Union will ultimately be willing to bear the ire of the United States were it to keep on trading with the Islamic Republic. · Jonathan Swift™s A Modest Proposal A Publication of The Pennsylvania State University Penn State™s Classical Literature in Electronic Format Series Jim Manis, Editor-in-Chief The Pennsylvania State University is an equal opportunity university.
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by Dr. Jonathan Swift It is a melancholy object to those, who walk through this great town1, or travel in. (Swift, ) In the piece his proposal is a remedy to the problem, in his words a “cheap and easy method of making these children of sound and useful members of the commonwealth. ” (Swift, ) After one year of life supported by their mother’s milk, children would be sold to the wealthy as kaja-net.com://kaja-net.com · A Modest Proposal and Other Satires Questions and Answers.
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