That was fast.
Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions.
This is a huge step.
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… power they haven’t been shy about using over the last several years.
2014 was one of the first major watershed moments when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US doesn’t like– namely Cuba and Iran.
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