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SWIFT disconnection is the WMD in the finance world. If you are American, imagine not being able to use ACH or checks anymore.
by rwaksmunski 5y ago
SWIFT disconnection is the WMD in the finance world. If you are American, imagine not being able to use ACH or checks anymore.
- coolestguy 5y ago>checks Unbelievable that this is how americans regularly use money
- quesera 5y agoPayment by check is really not that common in US retail commerce. 2021 numbers from the Fed indicate 2% of in-person payments are via check, and I suspect that skews very heavily toward older customers. For comparison: 34% debit card, 31% credit card, 28% cash, 4% "other". https://www.frbsf.org/cash/publications/fed-notes/2021/may/2021-findings-from-the-diary-of-consumer-payment-choice/ https://www.frbsf.org/cash/publications/fed-notes/2021/may/2...
- DyslexicAtheist 5y agoFrance is heavily using them heavily too. Some people even pay their groceries with cheques.
- egao1980 5y agoNot really. SWIFT is just helps to make transaction fast. There are alternatives that include Russian and Chinese systems. And you can always use phone, fax, etc. Disconnecting Russia from SWIFT will a) create short term hiccup in transaction clearing, b) reduce SWIFT revenues c) force Russia to switch oil/gas contracts to rouble or yuan. This in the long run is not good for euro as a reserve currency and will hurt petrodollar.