Big laugh at Ron Insana, who for many years was one of the big time anchors at CNBC financial news network back in the day when they felt it important to report news concerning the markets.
He didn’t know about this thing called SWIFT. Sad!
Jamie Dimon remarked that there are a lot of workarounds for Swift; that it is basically only a messaging system. I imagine, though, that it is integrated into a lot of bank operational system, and that while it's feasible to operate Swift-less for a limited number of large transactions, it's not feasible with current transaction levels.
Also, surely there are interbank contractual agreements that are no longer in force given the suspension.
He is right. There are work arounds. They take time. When you have industry standards like SWIFT, they do get integrated into your operations. Suppose you were able to take someone off TCP/IP and email didn't work. There are work arounds but it will take a while to implement them and they aren't nearly as convenient
Big laugh at Ron Insana, who for many years was one of the big time anchors at CNBC financial news network back in the day when they felt it important to report news concerning the markets.
He didn’t know about this thing called SWIFT. Sad!
But not the least bit surprising.
Shit. https://pjmedia.com/news-and-politics/robert-spencer/2022/02/28/biden-says-dont-worry-about-nuclear-war-so-start-worrying-n1562498 The George Costanza Theory of Foreign Policy holds when it comes to President Biden and his predictions and proclamations over the years.
The Gell-Mann Amnesia Effect. Look it up. It is more true now than ever.
Jamie Dimon remarked that there are a lot of workarounds for Swift; that it is basically only a messaging system. I imagine, though, that it is integrated into a lot of bank operational system, and that while it's feasible to operate Swift-less for a limited number of large transactions, it's not feasible with current transaction levels.
Also, surely there are interbank contractual agreements that are no longer in force given the suspension.
He is right. There are work arounds. They take time. When you have industry standards like SWIFT, they do get integrated into your operations. Suppose you were able to take someone off TCP/IP and email didn't work. There are work arounds but it will take a while to implement them and they aren't nearly as convenient