Bill’s Commentary:
“The plumbing now exists to exit the dollar…”
The $25 Trillion Misunderstanding: What CIPS Actually Moves, and Why “2% of SWIFT” Misleads Washington
Mario Nawfal, based on our discussion today, inspired me to write this article. In the companion to this essay, I argued that Scott Bessent’s latest sanctions on Iran are toothless because Iran’s oil trade has walked out of the dollar and into the Chinese yuan, settled through a payment system Washington does not control. The standard rejoinder to that argument is a single comforting statistic: China’s cross-border payment network is only about 2 percent of SWIFT, a rounding error, nothing to lose sleep over. That statistic is real, and it is one of the most misleading numbers in the entire debate over American financial power. It measures the wrong thing, and the confidence it inspires in Washington is precisely why the United States keeps being surprised when its sanctions fail to bite.
This piece is about the machinery underneath — what China’s Cross-Border Interbank Payment System actually is, how much money it really moves, and what its trajectory means for the American ability to weaponize the dollar.
The latest from USA Watchdog –
Obituary in the London Times (no additional words needed)
An Obituary for Father Time….Absolutely Dead Brilliant!!
Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years.
No one knows for sure how old he was, since his birth records were long
ago lost in bureaucratic red tape. He will be remembered as having cultivated such valuable lessons as:
– Knowing when to come in out of the rain;
– Why the early bird gets the worm;
– Life isn’t always fair;
– And maybe it was my fault.
Common Sense lived by simple, sound financial policies (don’t spend
more than you can earn) and reliable strategies (adults, not children, are in charge).
His health began to deteriorate rapidly when well-intentioned but overbearing
regulations were set in place. Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.
Common Sense lost ground when parents attacked teachers for doing the
job that they themselves had failed to do in disciplining their unruly children.
It declined even further when schools were required to get parental
consent to administer sun lotion or an aspirin to a student; but could not inform parents when a student became pregnant and wanted to have an abortion.
Common Sense lost the will to live as the churches became businesses;
and criminals received better treatment than their victims.
Common Sense took a beating when you couldn’t defend yourself from a
burglar in your own home and the burglar could sue you for assault.
Common Sense finally gave up the will to live, after a woman failed
to realize that a steaming cup of coffee was hot.
She spilled a little in her lap, and was promptly awarded a huge settlement.
Common Sense was preceded in death,
-by his parents, Truth and Trust,
-by his wife, Discretion,
-by his daughter, Responsibility,
-and by his son, Reason.
He is survived by his 5 stepchildren;
– I Know My Rights
– I Want It Now
– Someone Else Is To Blame
– I’m A Victim
– Pay me for Doing Nothing
Not many attended his funeral because so few realized he was gone.
If you still remember him, pass this on. If not, join the majority and do nothing
Bill’s Commentary:
“This is pretty much correct.”
BillHolter.com 
Thank you pamelamoves@gmail.com
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