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Paul Merrell

Russia's SWIFT Response operational by May 2015 | nsnbc international - 0 views

nsnbc.me/...sponse-operational-by-may-2015

war & peace banksters Russia U.S.-foreign-policy SWIFT

shared by Paul Merrell on 27 Dec 14 - No Cached
  • The Central Bank of Russia (CBR), on Friday, admitted domestic banks to the Russian alternative to the international SWIFT banking system. Domestic banks can access the system after signing agreements with the Central Bank. The Russian alternative to the SWIFT system is expected to be fully developed and operational by May 2015.
  • The Central Bank of Russia issued a statement saying that the new service would allow credit institutions to transmit SWIFT-format messages through the Bank of Russia in all regions within the Russian Federation without restrictions. The CBR added that the new service had been established to ensure continuous and secure transmissions of financial messages inside the country. The decision to create the domestic alternative to the SWIFT system was made against the backdrop of EU proposals in September, to disconnect Russia from the international SWIFT system as part of the sanctions against Russia over the situation in and about Ukraine. Several U.S. Senators lobbied in support of the measure. Moscow responded by drafting an alternative to the Brussels-based SWIFT system by creating a Russian alternative non-governmental inter-bank communication system.
  • The Russian Tass news agency reported that the Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion transactions per year, remitting payment orders worth $6 trillion a day. Disconnecting Russia from the SWIFT system, as proposed by certain EU members in September, would not only harm the Russian economy. Disconnecting Russia from the SWIFT system before an alternative is operational would also create substantial problems for Russia’s main trading partners within the EU, which include Germany, Italy and France.
  • Paul Merrell on 27 Dec 14
     
    The BRICS bloc gains its own interbank transactions alternative to the SWIFT system, courtesy of U.S. sanctions and threats thereof. Do the Russians ever tire of playing chess against idiots?
Paul Merrell

U.K. Wants EU to Block Russia From SWIFT Banking Network - Bloomberg - 0 views

www.bloomberg.com/...rom-swift-banking-network.html

UK Russia EU SWIFT sanctions banksters

shared by Paul Merrell on 01 Sep 14 - No Cached
  • The U.K. will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said. The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, is one of Russia’s main connections to the international financial system. Prime Minister David Cameron’s government plans to put the topic on the agenda for a meeting of EU leaders in Brussels today, according to the official, who asked not to be named because the discussions are private. “Blocking Russia from the SWIFT system would be a very serious escalation in sanctions against Russia and would most certainly result in equally tough retaliatory actions by Russia,” said Chris Weafer, a senior partner at Moscow-based consulting firm Macro Advisory. “An exclusion from SWIFT would not block major trade deals but would cause problems in cross-border banking and that would disrupt trade flows.”
  • Paul Merrell on 01 Sep 14
     
    Ah, yes. Hurry the BRICS nations along in their execution of their de-dollarization strategic plan. Just what the UK and U.S. need. But my sniff is that this ploy won't take wing from the EU. More likely a ploy on behalf of banksters to create some turbulence in the stock, bonds, and commodities markets.
Paul Merrell

Turkey Joins Russia's Ruble-Based Alternative To SWIFT | Zero Hedge - 1 views

www.zerohedge.com/...-ruble-based-alternative-swift

economic-warfare de-dollarization Russia China Turkey India SWIFT

shared by Paul Merrell on 11 Oct 19 - No Cached
  • After repeated warnings over the past couple of years, Turkey and Russia have signed a pact to increase use of the ruble and lira in cross-border payments, with Turkey signing on to Russia's alternative to SWIFT, the international telecommunications protocol used by banks and central banks the world over. Though SWIFT is an international cooperative owned by its members, with more than 10,000 banks worldwide relying on its system for handling sizable inter-bank transactions, the safety of the network was brought into question after a series of cyberattacks in 2015 and 2016 resulted in the theft of $101 million from the Central Bank of Bangladesh. For the first time since SWIFT's laucnh, the hacks stoked doubts about the system's safety, and prompted many US rivals, including Russia, to ramp up work on their alternatives to SWIFT.
  • In addition to Turkey, China and Russia have signed agreements to bolster trade between the two countries, including settling a larger percentage of their bilateral trade in rubles and renminbi. For China, bilateral trade with Russia grew from $69.6 billion in 2016 to $107.1 billion last year. China is Russia's biggest partner for imports and exports. There has also been talk about India joining Russia's SWIFT alternative as Washington continues to threaten New Delhi with sanctions over its decision to purchase Russian-made missile-defense systems. According to Reuters, Russian Finance Minister Anton Siluanov signed the agreement with Ankara on Tuesday. The agreement, signed on Oct. 4, will encourage the two countries to start using Russia's system in mutual settlements.
Paul Merrell

The new European 'arc of instability' - RT Op-Edge - 0 views

rt.com/...3-putin-russia-sovereign-swift

war & peace economic-warfare Russia U.S.-foreign-policy Eurasia

shared by Paul Merrell on 06 Jan 15 - No Cached
  • The European Council on Foreign Relations and Berlin think-tank Friedrich Ebert Stiftung have just reached more or less the same conclusion. If the dangerous stand-off between the EU and Russia over Ukraine is not solved, the EU could face, up to 2030, a military build-up in eastern Europe; a new arms race with NATO as a protagonist; and a semi-permanent “zone of instability” from the Baltic to the Balkans and the Black Sea. What these two think-tanks don’t – and won’t – ever acknowledge is that a new European “arc of instability” – from the Baltic to the Black Sea, as myself and other independent analysts have stressed – is exactly what the Empire of Chaos and its weaponized arm – NATO – are working on to prevent closer Eurasia integration. By the way, the Pentagon excels in fabricating “arcs of instability.” The previous one was – and remains – massive, stretching from the Maghreb to Xinjiang in western China across the Middle East and Central Asia.
  • Moscow has totally identified the plot; Foreign Minister Sergey Lavrov, once again, has made it crystal clear, in detail. And crucially, some influential sectors in Germany also did, as in members of the cultural elite destroying the notion of a new war in Europe: “Not in our name.” The same applies to those that always preach more transatlantic cooperation, extol the US’s “defining” role in Germany, and effusively praise Germany as the most American country in Europe; that’s the case of the Frankfurter Allgemeine newspaper – which stands for the core of the political and economic establishment in Germany. It’s still in an embryonic stage, and has not yet made Chancellor Angela Merkel see the light; but a reverse reengineering of Atlanticist relations is already in progress in Germany.
  • Meanwhile, the proverbial group of extremist US senators, plus the notorious poodles/vassals of Britain and Poland, haven’t stopped lobbying to shut Russia off from SWIFT – just as they did with Iran. This would be nothing but yet another declaration of (economic) war – or the economic counterpoint to NATO hysteria. In fairness, a great deal of the EU – especially Germany – knows this is madness. Germany’s top financial paper Handelsblatt recently published a key interview with head of VTB-Bank Andrei Kostin, which has still not been translated into any major English-language paper.
  • ...3 more annotations...
  • Kostin went straight to the point: “Of course, there is a plan B [in the case of Russia being shut off from the SWIFT bank system], but in my personal opinion it would mean war – if this type of sanction will be introduced. America and Europe did that against Iran but with Iran at that time there were no diplomatic relations, only military containment...if Russian banks’ access to SWIFT will be prohibited, the US ambassador to Moscow should leave the same day. Diplomatic relations must be finished. Banking is the most vulnerable part of the Russian economy because the system is based so strongly on the dollar and the euro.” Next May, Russia’s Central Bank is planning to introduce an analogue to SWIFT – after key consultations with China. It’s always important to keep in mind that China set up a parallel SWIFT to do business with Iran under sanctions. But still there will be a window of four months for a lot of nasty things to happen after a Republican-controlled US Senate is empowered in January.
  • And then there’s the golden rule. Why is Russia buying so much gold? With the US dollar forced upward and gold downward, it makes total business sense to sell gas for inflated dollars and then buy cheap depressed gold; that’s what the Chinese call a “win-win.” And of course on both counts, the West loses. The Washington/Wall Street elites are fully aware that both Moscow and Beijing won’t accumulate US dollars anymore. As for the Masters of the Universe plutocrats who manipulate/control the value of the US dollar, a case can be made that one of their purposes is wrecking the US’s industrial base and the nation’s middle classes. Moscow, meanwhile, has adjusted to the new “instability.” The weak ruble has a positive effect – already stressed by President Putin – by forcing Russia to diversify its manufacturing and become more self-sufficient.
  • Of course, the problem remains for Russia to pay the foreign interest on its debt in US dollars. Moscow could always declare a moratorium in debt repayments. The ruble might go down even more. But as everyone from Lukoil to Rosneft converts more US dollars into rubles, that will drive the ruble back up. Not to mention that the ruble is shorted as it stands. The bottom line is that Moscow has learned yet another lesson for the immediate future: never become indebted to the West. What’s certain is that the Empire of Chaos won’t relent in its strategy of heating up the new arc of instability – inside Europe, across the economic/financial spectrum – and instrumentalizing its pre-fabricated New Iron Curtain from the Baltic to the Black Sea. The Kremlin seems to know exactly how high the stakes are. As The Saker told me in an email, “Putin is telling both the West and the Russian people that there is a long war in progress and that the Russian people have to morally be prepared to accept sacrifices for the survival of Russia. This is one more step in the 'coming-out' of what I call the ‘Eurasian Sovereignists’ in which the US [has] now openly declared as a Russophobic (Russia-hating and Russia-fearing) enemy, and the Europeans as a powerless colony. Military power is not directly a factor in this, the internal power balance between the pro-Western ‘Atlantic Integrationists’ and the ‘Eurasian Sovereignists’ is.” It’s all here – from the debacle of a regime (Bretton Woods) to the current, provoked crisis, all brilliantly explained by Mikhail Khazin. Russia is getting ready to rock. Is the West?
Paul Merrell

Europe Is Working On Alternative To SWIFT For "Financial Independence" From The US | Ze... - 0 views

www.zerohedge.com/...wift-financial-independence-us

war & peace economic-warfare de-dollarization Europe

shared by Paul Merrell on 30 Aug 18 - No Cached
  • n the aftermath of a report that Germany was working on a global payment system that is independent of the US and SWIFT, on Monday Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks, Bloomberg reported.
  • Maas said Europe has started work on creating a system for money transfers that will be autonomous from the currently prevailing Society for Worldwide Interbank Financial Telecommunication (SWIFT).
  • "That won’t be easy, but we have already started to do that," Maas said at the annual Ambassadors Conference in Berlin on Monday, as quoted by RIA Novosti. "We are studying proposals for payment channels and systems, more independent from SWIFT, and for creating European monetary fund." Maas also announced plans to reveal a new foreign policy strategy towards the US. “We have to react and strengthen Europe’s autonomy and sovereignty in trade, economic and finance policy,” Maas said in a speech in Berlin. "It’s high time to recalibrate the Transatlantic Partnership – rationally, critically, and even self-critically," the FM added. Maas echoed his comments from last week when he called for European autonomy to be strengthened by creating payment channels that are independent of the United States, establishing a ‘European Monetary Fund’.
Paul Merrell

Russian banks ready to switch off SWIFT - official - RT Business News - 1 views

www.rt.com/...-russia-banks-ready-shut-swift

war & peace economic-warfare Russia de-dollarization SWIFT

shared by Paul Merrell on 15 Feb 18 - No Cached
  • Russian financial institutions and firms are ready to work without SWIFT's interbank cash transfer services, according to Deputy Prime Minister Arkady Dvorkovich. “Certainly, it is unpleasant, as it will prove a stumbling block for companies and banks, and will slow down work. It will be inevitable to deploy some aged technologies for information transfer and calculations. However, the companies are technically and psychologically ready for the shutdown as this threat was repeatedly voiced,” Dvorkovich said, as quoted by TASS.He added that the measure may have a negative impact on corporations working in the US and Europe.
  • The potential disconnection of Russia from SWIFT has been under discussion since 2014, when the EU and the US introduced the first round of international penalties against Moscow over alleged involvement in the Ukraine crisis and the reunification with Crimea.At the time, the European Parliament called for strong actions against Russia, including expelling the country from money transfer services. However, the Society for Worldwide Interbank Financial Telecommunication regarded the recommendations as violating rights and damaging for businesses.
  • In 2017, Russia’s Central Bank Governor Elvira Nabiullina told President Vladimir Putin that the banking sector had been provided with all the necessary conditions for operating lenders and payment systems in case of disconnection from SWIFT. According to the regulator, 90 percent of ATMs in Russia were ready to accept the Mir payment system, a domestic version of Visa and MasterCard.The Mir payment system was introduced in 2015 after clients of several Russian banks (SMP Bank, InvestCapitalBank, Russia Bank and Sobinbank) were unable to use Visa and MasterCard due to the sanctions.
Paul Merrell

SPIEGEL Exclusive: NSA Spies on International Bank Transactions - SPIEGEL ONLINE - 0 views

www.spiegel.de/...ank-transactions-a-922276.html

surveillance state NSA GCHQ VISA SWIFT banksters Tracfin

shared by Paul Merrell on 16 Sep 13 - No Cached
  • The National Security Agency (NSA) widely monitors international payments, banking and credit card transactions, according to documents seen by SPIEGEL. The information from the American foreign intelligence agency, acquired by former NSA contractor and whistleblower Edward Snowden, show that the spying is conducted by a branch called "Follow the Money" (FTM). The collected information then flows into the NSA's own financial databank, called "Tracfin," which in 2011 contained 180 million records. Some 84 percent of the data is from credit card transactions. Further NSA documents from 2010 show that the NSA also targets the transactions of customers of large credit card companies like VISA for surveillance. NSA analysts at an internal conference that year described in detail how they had apparently successfully searched through the US company's complex transaction network for tapping possibilities.
  • Their aim was to gain access to transactions by VISA customers in Europe, the Middle East and Africa, according to one presentation. The goal was to "collect, parse and ingest transactional data for priority credit card associations, focusing on priority geographic regions." In response to a SPIEGEL inquiry, however, VISA issued a statement in which it said, "We are not aware of any unauthorized access to our network. Visa takes data security seriously and, in response to any attempted intrusion, we would pursue all available remedies to the fullest extent of the law. Further, its Visa's policy to only provide transaction information in response to a subpoena or other valid legal process." The NSA's Tracfin data bank also contained data from the Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT), a network used by thousands of banks to send transaction information securely. SWIFT was named as a "target," according to the documents, which also show that the NSA spied on the organization on several levels, involving, among others, the agency's "tailored access operations" division. One of the ways the agency accessed the data included reading "SWIFT printer traffic from numerous banks," the documents show.
  • But even intelligence agency employees are somewhat concerned about spying on the world finance system, according to one document from the UK's intelligence agency GCHQ concerning the legal perspectives on "financial data" and the agency's own cooperations with the NSA in this area. The collection, storage and sharing of politically sensitive data is a deep invasion of privacy, and involved "bulk data" full of "rich personal information," much of which "is not about our targets," the document says.
  • Paul Merrell on 16 Sep 13
     
    NSA and GCHQ spying on banksters' transactions? I'll bet that comes to a screeching halt soon. Isn't it unwritten law in the Obama Administration that no government agencies mess with the banksters?
Gary Edwards

Fouad Ajami: The Obsolescence of Barack Obama - WSJ.com - 0 views

online.wsj.com/...4164904575421363005578460.html

obammunism

shared by Gary Edwards on 11 Aug 10 - Cached
  • Gary Edwards on 11 Aug 10
     
    Incredibly elegant writing! excerpt: A broken link with the public, and a war in Afghanistan he neither embraces and sells to his party nor abandons-this is a time of puzzlement for President Obama. His fall from political grace has been as swift as his rise a handful of years ago. He had been hot political property in 2006 and, of course, in 2008. But now he will campaign for his party's 2010 candidates from afar, holding fund raisers but not hitting the campaign trail in most of the contested races. Those mass rallies of Obama frenzy are surely of the past. The vaunted Obama economic stimulus, at $862 billion, has failed. The "progressives" want to double down, and were they to have their way, would have pushed for a bigger stimulus still. But the American people are in open rebellion against an economic strategy of public debt, higher taxes and unending deficits. We're not all Keynesians, it turns out. The panic that propelled Mr. Obama to the presidency has waned. There is deep concern, to be sure. But the Obama strategy has lost the consent of the governed. Mr. Obama could protest that his swift and sudden fall from grace is no fault of his. He had been a blank slate, and the devotees had projected onto him their hopes and dreams. His victory had not been the triumph of policies he had enunciated in great detail. He had never run anything in his entire life. He had a scant public record, but oddly this worked to his advantage. If he was going to begin the world anew, it was better that he knew little about the machinery of government.
Paul Merrell

Russian Elite Warns Of War With The U.S - BuzzFeed News - 0 views

www.buzzfeed.com/...elite-warns-of-war-with-the-us

war & peace U.S.-foreign-policy Russia-sanctions banksters Davos

shared by Paul Merrell on 24 Jan 15 - No Cached
  • The head of a leading Kremlin-owned bank warned on Friday that further banking sanctions would lead Russia and the U.S. to the “brink of war.” Andrei Kostin, the head of VTB, reacted angrily when asked what the consequences would be if Russia were excluded from the Swift banking system, a secure means of moving money across borders. If it were to happen, Kostin told a session on the Russian economy at the World Economic Forum in Davos, “ambassadors can leave capitals. It means Russia and America might have no relationship after that.” “If there is no banking relationship, it means the countries are on the verge of war, or definitely in the cold war,” he said in English, growing increasingly red in the face. “It will be a very dangerous situation.”
  • He said that if Russia were excluded from the Swift system, it would make the U.S.–Russia relationship akin to the U.S.–Iran one. He made the comments after noting that Russia had recently created its own alternative to Swift. The U.S. and EU have imposed numerous sanctions on Russia, including against VTB.
  • Igor Shuvalov, a deputy prime minister and the head of Russia’s delegation to Davos, issued a stern warning to those who would imagine Russia without President Vladimir Putin. “I support my president 100%,” Shuvalov said. “When people ask that, they don’t understand the Russian character, they don’t know Russian history.” “If we think someone from the outside wants to change our leader, to go against our will … we will be united like never before.” He brushed off questions about Ukraine and warned the West that it must treat Russia like an equal partner rather than having the country “sit in the corner.” If it failed to treat Russia equally, Shuvalov warned, Ukraine “will be a huge wound for the next 10 years.”
Paul Merrell

"Russia Could Ditch Dollar In 2-3 Years"; Deputy PM Warns Nuclear Subs "Could Reach Any... - 0 views

www.zerohedge.com/...clear-subs-could-reach-any-cou

war & peace Russia U.S. de-dollarization nuclear-subs

shared by Paul Merrell on 05 Oct 14 - No Cached
  • "Two to three years is enough, not only to launch [settlements in rubles], but also to complete these mechanisms," says Andrey Kostin, head of Russia’s second-biggest bank VTB, noting that the possibility of the US and EU widening sanctions to exclude Russia from the SWIFT global money transfer system would become “a point of no return” making any further dialog impossible. However, as Deputy Prime Minister Dmitri Rogozin explains in this interview, how Russia's military and industrial complex is responding to a growing threat from America. Russia is not responding with any talk about the nuclear button (at least not yet); but they are preparing for such an eventuality: "we are creating a nuclear submarine fleet... capable of reaching any country on any continent, if [USA] suddenly becomes the aggressor, and our top-most national interests come under threat," adding that Obama's coup has ushered in "the complete demise of the Ukrainian State."
  • As RT reports, ?two to three years would be enough time for Russia to switch to international settlements to the ruble, Andrey Kostin, head of Russia’s second-biggest bank VTB, said... The media has reported on the possibility of the US and EU widening sanctions to exclude Russia from the SWIFT global money transfer system.   Kostin said the move would become “a point of no return” and that any further dialogue would be impossible if SWIFT was cut off.
Gary Edwards

The Money Wars - Casey Research - 0 views

www.caseyresearch.com/...money-wars

money GOLD BitCoin

shared by Gary Edwards on 25 Apr 13 - No Cached
  • Gary Edwards on 25 Apr 13
     
    Breezy but very enlightening libertarian discussion about money, how it came to be and where it's going.  Excellent writing and research from the Casey Group - as usual. excerpt: The study of money is an ancient affair. Aristotle discusses it extensively, and the Books of Wisdom are filled with proverbial counsel on the matter. People spend time and effort accumulating money in hopes of establishing conditions for a better future. Because humans can paradoxically harbor laziness and ambition in their heart at the same time, they have reached two irrefutable and rather obvious conclusions about money: they would rather have more than less, and they would rather have it sooner than later. Because of these observations, humans go about three tasks: obtaining money, protecting money, and growing money. Before seeking to achieve those three objectives, it is important to define money. It is impossible to consistently do all three tasks if one does not understand the nature of money. An academic definition that sounds reasonable is that money is an agreed-upon medium of exchange that overcomes the limitations of barter and coincidence of wants. For money to be useful, it must be widely recognized and accepted by various market participants. Wide acceptance is among the most considered and sought characteristics of money, a trait known as liquidity. Until recently, money was either established by market discovery or by decree. The Laws of the Network have introduced a third mechanism, money established by network consensus. Honest Weights and Measures Gold has served as money since the beginning of recorded human history. Desired for its beauty and scarcity, gold is easy to divide and difficult to counterfeit. While many other commodities including tobacco, salt, pepper, and even sea shells have been used for settling accounts, natural discovery and social interaction have repeatedly established gold as a medium of choice, leading to the phrases "good as gold" and "the
Paul Merrell

Facebook, Apple, Microsoft, Skype & Yahoo Hit With Prism Data Protection Complaints In ... - 0 views

techcrunch.com/...europe-v-prism

surveillance state NSA EU PRISM investigation Facebook Apple Microsoft Skype Yahoo!

shared by Paul Merrell on 26 Jun 13 - No Cached
  • The European data protection activists behind the Europe v Facebook (evf) campaign group, that has long been a thorn in Facebook’s side in Europe, have filed new complaints under regional data protection law targeting Facebook, Apple, Microsoft, Skype and Yahoo for their alleged collaboration with the NSA’s Prism data collection program. The student activist organisation is targeting the European subsidiaries of these five U.S. companies, arguing that their corporate structure means they fall fully under European privacy laws despite being U.S. headquartered companies. And yet, being as they are U.S. companies, they are required to comply with U.S. surveillance laws — putting them in the “tricky” situation of having to comply with potentially conflicting legal requirements. It’s that legal conflict evf is now probing.
  • Evf takes the view that the law needs clarifying — and it using these new data protection complaints as the vehicle to obtain clarification from the various regional data protection agencies. Facebook and Apple; Microsoft and Skype; and Yahoo have subsidiaries in Ireland, Luxembourg and Germany respectively. ”We want a clear statement by the authorities if a European company may simply give foreign intelligence agencies access to its customer data. If this turns out to be legal, then we might have to change the laws,” noted evf speaker, Max Schrems, in a statement. The key question, as evf sees it, is whether “mass transfer” of personal data from to a foreign intelligence agency is legal under European law.  ”Many journalists have asked us in recent weeks if PRISM is legal from a EU perspective. We have looked at that a little closer. The result was – after consulting with legal experts – that it is very likely illegal under EU data protection laws, because of the corporate structure of the companies,” added Schrems. Google and YouTube have not been included in this first round of evf complaints being as they have a different corporate structure that does not include European subsidiaries. However it notes they do have datacenters in European countries, which will give evf a route to filing Prism-related data protection complaints against both at a later date.
  • Writing in a press notice announcing its new action, evf added: If a European subsidiary sends user data to the American parent company, this is considered an “export” of personal data. Under EU law, an export of data is only allowed if the European subsidiary can ensure an “adequate level or protection” in the foreign country. After the recent disclosures on the “PRISM” program such trust in an “adequate level of protection” by the involved companies can hardly be upheld. There can in no way be an adequate level of protection if they cooperate with the NSA on the other end of the line. Right now an export of data to the US must be seen as illegal if the involved companies cannot disprove the reports on the PRISM program. According to evf, the subsidiaries being targeted by these complaints have “the burden of proof” — to either “credibly assure” that the Prism program is a hoax, or “explain how mass access by a foreign intelligence agency interplays with EU data protection laws”. Evf cites a 2006 case precedent involving payment processor SWIFT which had forwarded transaction details to U.S. authorities. In that case it says a group of EU data protection authorities decided that such a mass data transfer is illegal under EU law, leading to SWIFT to move European data to a server in Switzerland. The case also led to an agreement between the U.S. and the EU on the use of payment data to combat crime.
Paul Merrell

WASHINGTON: Americans find swift stonewall on whether NSA vacuumed their data | Mass Su... - 0 views

www.mcclatchydc.com/...cans-find-swift-stonewall.html

surveillance state NSA FOIA PrivacyAct transparency Obama Glomar

shared by Paul Merrell on 14 Feb 14 - No Cached
  • Since last year’s revelations about the National Security Agency’s massive communications data dragnets, the spy agency has been inundated with requests from Americans and others wanting to know if it has files on them. All of them are being turned down .The denials illustrate the bind in which the disclosures have trapped the Obama administration. While it has pledged to provide greater transparency about the NSA’s communications collections, the NSA says it cannot respond to individuals’ requests without tipping off terrorists and other targets. As a result, Americans whose email and telephone data may have been improperly vacuumed up have no way of finding that out by filing open records requests with the agency. Six McClatchy reporters who filed requests seeking any information kept by the NSA on them all received the same response.
  • “Were we to provide positive or negative responses to requests such as yours, our adversaries’ compilation of the information provided would reasonably be expected to cause exceptionally grave damage to the national security,” the NSA wrote last month in response to a McClatchy national security reporter who requested his own records. “Therefore, your request is denied because the fact of the existence or non-existence of responsive records is a currently and properly classified matter.”
Paul Merrell

EU votes to support suspending U.S. data sharing agreements, including passenger flight... - 0 views

www.zdnet.com/ssenger-flight-data-7000017677

surveillance state NSA blowback EU

shared by Paul Merrell on 06 Jul 13 - No Cached
  • The European Parliament on Thursday adopted a joint, cross-party resolution to begin investigations into widespread surveillance of Europeans by the U.S. National Security Agency (NSA). Read this EU to vote to suspend U.S. data sharing agreements, passenger records amid NSA spying scandal Read more In the vote, 483 voted for the resolution, 98 against, and 65 abstained on a vote that called on the U.S. to suspend and review any laws and surveillance programs that "violate the fundamental right of EU citizens to privacy and data protection," as well as Europe's "sovereignty and jurisdiction." The vote also gave backing to the suspension of data sharing deals between the two continents, should the European Commission take action against its U.S. ally.
  • The U.S. government faces continued criticism and pressure from its international allies following news that its intelligence agencies spied on foreign nationals under its so-called PRISM program. The U.K. government was also embroiled in the NSA spying saga, after its signals intelligence intercepting station GCHQ tapped submarine fiber optic cables under its own secret program, code named Tempora. Reuters reported on Wednesday that the Commission is examining whether the U.K. broke EU law, which could lead to fines imposed by the highest court in Europe.
  • Should the Commission decide it necessary to suspend the data sharing agreement of passenger details — including personal and sensitive individual data — it could ultimately lead to the grounding of flights between the EU and the U.S. Dutch MEP Sophie in 't Veld said in a statement after the vote: "We must consider now if the PNR and SWIFT agreements are still tenable in the circumstances." Critics say PNR data has never helped catch a suspected criminal or terrorist before. SWIFT data sharing, which provides U.S. authorities with secure banking details in a bid to crack down on terrorist financing, could also be suspended. A spokesperson for the D66 delegation in Brussels confirmed by email that the English version of the joint motion is "the right one and is leading," despite claims that there were "translation error[s]" between the different versions of the joint resolution.
  • ...3 more annotations...
  • Members of the European Parliament (MEPs) in a plenary session in Strasbourg voted in favor of a section of the resolution that called on the Commission to "give consideration to all the instruments at their disposal in discussions and negotiations with the U.S. [...] including the possible suspension of the passenger name record (PNR) and terrorist finance tracking program (TFTP) agreements."
  • An EU source familiar with proceedings confirmed that the Commission now has the authority from the Parliament to suspend PNR and TFTP, but it falls at the Commission's discretion. Resolutions passed by the Parliament are not legally binding, but give backing to the Commission should the executive body wish to enact measures against a foreign power or entity. A Commission spokesperson confirmed that there are "no deadlines" on deciding whether it will follow up on the Parliament's resolution.
  • The Parliament's Civil Liberties, Justice and Home Affairs committee was given the authority by Thursday's vote to set up an inquiry to gather evidence from both U.S. and EU sources to assess the impact of the surveillance activities on EU citizens' fundamental right to privacy and data protection.
Paul Merrell

EU threatens to suspend deal with US on tracking terrorists' funding | World news | the... - 0 views

www.theguardian.com/...data-sharing-terrorist-funding

surveillance state NSA NSA-blowback EU

shared by Paul Merrell on 26 Sep 13 - No Cached
  • The European Union is threatening to freeze a crucial and controversial data-sharing deal with the US aimed at tracking terrorist funding because of the National Security Agency snooping scandal.
  • The terror finance tracking programme (TFTP) was agreed in 2010 under strong US pressure, requiring the EU authorities to transfer data to the US treasury from the Brussels-based system which collates global financial transaction data under the Society for Worldwide Interbank Financial Telecommunication (SWIFT).MEPs on the committee called for the agreement to be scrapped following recent reports that the NSA was also tapping into the SWIFT databases to gain access to the private data of Europeans on their financial dealings.The Dutch liberal MEP, Sophie in 't Veld, said the US breach of trust meant the transatlantic agreements, including another one divulging European air passenger details to the US authorities, should be ditched."For me the TFTP agreement is effectively dead ... null and void," she said.
Paul Merrell

China launches global yuan payment system - RT Business - 0 views

www.rt.com/...8103-china-payment-system-yuan

economic-warfare China yuan CIPS SWIFT

shared by Paul Merrell on 13 Oct 15 - No Cached
  • China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar's dominance.
  • CIPS will accept payments in cross-border trade, direct investments, financing and personal remittances. The system is open for operations 11 hours a day. The first CIPS transaction was completed by Standard Chartered Bank for Sweden's IKEA.Nineteen banks have been authorized to use CIPS; eight of them are Chinese subsidiaries of foreign banks, including Citi, Deutsche Bank, HSBC and ANZ.
  • Prior to launching CIPS international, transfers in Chinese currency could be carried out mostly through offshore clearing banks in Hong Kong, Singapore or London. While the procedure was slow and costly, the new system is expected to significantly reduce the cost and time for money transfers.China is also trying to reduce its reliance on the global transaction services organization SWIFT.
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  • Beijing has been trying to bolster its currency’s presence internationally. The yuan was the fourth most-used currency for cross-border payments in August, with more than 100 countries using it for transactions.The Chinese currency has overtaken the Japanese yen but is still well behind the US dollar, euro and the pound.  Rivaling the dollar in the global financial system has been Beijing's ambition for the yuan since 2010. The country has already opened clearing hubs in London and Frankfurt.China is pushing hard for the inclusion of the yuan in the International Monetary Fund (IMF) currency basket. While the IMF said the yuan still does not meet the criteria of a freely usable currency, the head of the organization Christine Lagarde said it's “not a question of if, it's a question of when."
Paul Merrell

BBC News - MEPs vote to suspend US data sharing - 0 views

www.bbc.co.uk/...technology-24652419

surveillance state NSA NSA-blowback E.U. Parliament SWIFT

shared by Paul Merrell on 25 Oct 13 - No Cached
  • The European Parliament has voted to suspend the sharing of financial data with the US, following allegations that citizens' data was spied on. The allegation forms part of leaked documents from whistleblower Edward Snowden. The vote is non-binding but illustrates MEPs' growing unease over how much data was shared with the US.
  • It comes a day after it was alleged that German Chancellor Angela Merkel's mobile phone calls were monitored. The European Parliament voted to suspend its Terrorist Finance Tracking Program (TFTP) agreement with the US, in response to the alleged tapping of EU citizens' bank data held by the Belgian company SWIFT. The agreement granted the US authorities access to bank data for terror-related investigations but leaked documents made public by whistleblower Edward Snowden allege that the global bank transfer network was the target of wider US surveillance. MEPs also want to launch a full inquiry into the alleged spying.
  • The row over exactly how much snooping was done on European citizens appears to be escalating. Germany has summoned the US ambassador in Berlin over the claims that the US monitored Mrs Merkel's mobile phone calls. Other leaders are also likely to want further clarification from Washington over the activities of its National Security Agency (NSA) in Europe.
  • Paul Merrell on 25 Oct 13
     
    See also closely related earlier legal opinion by a European Commission advisory committee. http://ec.europa.eu/justice/policies/privacy/docs/wpdocs/2006/wp128_en.pdf
Paul Merrell

Obama, Cameron give Putin a month to meet Ukraine conditions, or face further sanctions... - 0 views

www.haaretz.com/...1.597235

war & peace Ukraine Obama Cameron Putin U.S.-foreign-policy

shared by Paul Merrell on 07 Jun 14 - No Cached
  • President Barack Obama and British Prime Minister David Cameron laid down new markers for Russia on Thursday, giving Moscow a month to meet their conditions in Ukraine or face further sanctions. The new thresholds for action were spelled out at a joint press conference, following a Group of Seven world leader summit that was rearranged to exclude Russian President Vladimir Putin after his aggressive moves in Ukraine. The United States and Europe also have imposed economic sanctions in response. To avoid even harsher sanctions, Cameron said, Putin must meet three conditions: Recognize Petro Poroshenko's election as the new leader in Kiev; stop arms from crossing the border; and cease support for pro-Russian separatist groups concentrated in eastern Ukraine.
  • "If Mr. Putin takes those steps, then it is possible for us to begin to rebuild trust between Russia and its neighbors and Europe," Obama said. "We will have a chance to see what Mr. Putin does over the next two, three, four weeks, and if he remains on the current course, then we've already indicated the kinds of actions that we're prepared to take." Obama acknowledged that so-called sectoral sanctions, which would hit key sectors of Russia's economy, could have a bigger impact across Europe because of economic ties to Russia, and said he didn't necessarily expect all European countries to agree on them. But, he said, "it's important to take individual countries' sensitivities in mind and make sure that everybody is ponying up."
  • Obama foreign policy adviser Ben Rhodes later said it wasn't certain that sectoral sanctions would be the punishment of choice. "We'll be calibrating those based on what the situation is and that sectoral sanctions are in the tool kit," Rhodes said.
  • Paul Merrell on 07 Jun 14
     
    As though Vladimir Putin will might bend to Obama's wishes just because Obama has found new lies to tell. Note the swift backdown from Obama's tough talk by his aide, Ben Rhodes. Of course the backdown isn't in the headline.
Paul Merrell

China could possibly be the pioneer of a world currency - 0 views

www.australiannationalreview.com/ossibly-pioneer-world-currency

de-dollarization yuan reserve currrencies payment currencies

shared by Paul Merrell on 15 Mar 15 - No Cached
  • China’s yuan has just made it onto the list of the world’s top five payment currencies, but the country’s plans seem to go beyond an honourable fifth position.
  • A survey conducted in 2014 showed that the Chinese yuan will supersede the U.S. dollar as the top international reserve currency. The survey of 200 institutional investors published by State Street and the Economist Intelligence Unit found 53 per cent of investors think the renminbi (RMB) will top the U.S. dollar as the world’s major reserve currency. The report accompanying the survey claimed that “the global importance of the RMB will become magnified.” This view was shared by Yves Mersch, member of the Executive Board of European Central Bank, who stated that China’s yuan is gaining importance in international trade and investment and might even challenge the U.S. dollar. In January, global transaction services organisation SWIFT announced that China’s yuan has overtaken the Canadian dollar and the Australian dollar and jumped from the seventh spot on the world’s top payment currencies list to the fifth position. Wim Raymaekers, head of banking markets at SWIFT said in a statement that the yuan’s new position “confirms its transition from an ‘emerging’ to a ‘business as usual’ payment currency,” Reuters reported. Global yuan payments boosted by 20.3 per cent in value in December compared to the previous year.
  • The financial industry is currently anticipating the launch of the yuan for international use via China International Payment System (CIPS). A senior bank official told Reuters that the official launch of the CIPS “will be in September or October.” The CIPS will place the Chinese currency on equal position with other world currencies in terms of operating hours, risk reduction and maximizing liquidity. Its key features include simultaneous handling of payments in 17 times zones in the Americas, Asia, Africa and Europe, international reporting with multi-language features and cross-border yuan clearing for onshore and offshore clients, Chinese online media company Yibada noted.
Paul Merrell

Bankers/Investors Urgently Told Get Money Out of Saudi Arabia and Turkey - 0 views

www.superstation95.com/...897

war & peace Syria Turkey Saudis SWIFT banksters

shared by Paul Merrell on 16 Feb 16 - No Cached
  • Flash message via the SWIFT Banking Communication System urges Bankers / Investors to immediately remove their capital (cash/stocks) from Turkey and Saudi Arabia.  The message allegedly says war "imminent" -- Turkey and Saudi Arabia to suffer "staggering" losses to Russia once invasion of Syria begins. Message suggests only forty eight hours remain for banks/investors to get assets out safely!
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