What Is SWIFT? And Without It You Are Dead In The Water If You Are A Bank! The World Is Connected Now.
There are consequences to the decisions people make!
Recently Putin and his gang of merry men decided that it was a good idea to run some tanks and soldiers into another country just because they can. They did it before in the Crimea and no one did anything or even batted an eye while they ran through there leaving death and destruction in its wake.
They thought that they could get away with it if they did again this time and try to over run the country of Ukraine. What bald headed ass Putin did not realize was that the Ukrainians were not going to sit this one out! They are determined to keep their country as a sovereign nation. No matter how many Ukrainians are piled up! They remembered when they were a part of the Eastern Bloc and they do not want to go back to that ever again.
NATO countries took notice and my guess is that they do not want another War to pop off in Europe much like WW1 and WW2 where everyone was involved including the US.
Rather than using guns and artillery where else can a country hurt the aggressor? Well you hurt them where it matters most! In their pockets!
You see to have a War with countries it takes an enormous amount of money! Without money you cannot buy equipment, food, weapons and the like. Knowing this many western countries decided to hit Russia in the pockets. First by not allowing their banks to use SWIFT.
What is SWIFT?
First lets find out what SWIFT stands for.
SWIFT stands for Society for Worldwide Interbank Financial Telecommunications.
Basically its a system that banks use to move money around to many other banks over seas who are part of SWIFT. Without this system many banks will not be able to do business, pay or collect debts etc. Sure there are other systems that Banks can use but they are older, slower, not as secure and prone to Human errors. SWIFT is faster and more secure which is why Banks from all over the world tend to use this system compared to the older more archaic systems.
SWIFT has been around since the 1970’s so yeah they are well tested and used.
