Iran was cut off from SWIFT network: “It’s time to create an alternative financial system.”

Steve Keen, professor of economics at Kingston University in London, recently told Sputnik:

“We should not have designated the dollar as a reserve currency. It would have been necessary to create a supranational currency, the bancor (a proposition of international monetary standard). Some countries are starting to think about it. […] It is time to create an alternative financial system. “

As a reminder, the SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international interbank system for information transfer and payment; more than 11,000 financial institutions from 200 countries are connected.

The statement came after management of the global provider of secure financial messaging services SWIFT disconnected the Central Bank of Iran from its network following intimidation by the US administration. It found that this process only testifies to the inefficiency of the current financial system.

For SWIFT, no country in the world, should have the right or the power to cut off access to international payment system for another country. Mr. Steve Keen has strongly emphasized the more urgent need to reform the financial sector, knowing that for 70 years it has been regularly postponed.

The professor summarizes to Sputnik:

“The fact that Donald Trump intimidated the SWIFT leaders and forced them to disconnect Iran from its system has pushed the rest of the world to understand that what America can do with Iran, it can also do to us one day. We need an alternative system. “

Recall that last May, President Donald Trump announced the withdrawal of his country from the Iranian nuclear agreement reached in 2015, as well as the reinstatement of sanctions against the Islamic Republic of Iran, including the countries trading with Tehran. Some of these were reinstated on August 7th, while others came into effect on Monday, November 5th.

Washington has put more than 700 Iranian people, entities, planes and ships by name on its blacklist, including 14 major banks. China, South Korea, Greece, India, Italy, Japan, Turkey and Taiwan have, however, been provisionally authorized to buy Iranian oil.

We find that the decisions and the actions of the American administration are very unfriendly and even aggressive towards a sovereign country, which, until now, no irrefutable or tangible proof has been found as to any maliciousness on its part towards any other country.


Why does Washington maintain these bellicose relations with Iran?

Why do you want to harm the Iranian leaders and people?

To whom does this animosity, supported by the most absurd pretexts, really serve?

The questions in face of this situation are not lacking.  They will only further isolate the tenant of the White House who is undermining its credibility at the international level.


We strongly support Mr. Steve Keen’s view of creating a supranational currency for international trade to avoid hegemony and whose profits are equitably shared amongst nations and countries around the world.