Not So SWIFT Any More?

I totally screwed up this morning in the first post about Living In The Past. Part of living in the past is thinking that dollar hegemony, the rule of King Dollar, will last forever. It doesn’t matter that the dollar will likely play a major role in international trade for a long time to come. What matters is hegemony, and that’s what is waning. US global hegemony relies on King Dollar hegemony. Not importance—hegemony.

Last night (or this morning, depending on time zone?) commenter Steghorn21 posted this:

"There are revolutions and revolutions. What was REALLY revolutionary in this merry month of May was that for the first time in history daily transactions via SWIFT were out paced by daily transactions via CIPS, the Chinese equivalent. Now that's a revolution - and it was reported precisely nowhere in the MSM."

I intended to include that in the first post and it somehow, incredibly, slipped my mind—despite the fact that it was exactly on point and hugely important. I assume Steg picked that up from the Zerohedge article below, but before I go there I want to quote from my own response to Steg:

To me one of the key tells was when Trump threatened war on anyone who tried to supplant King Dollar and its hegemonic role.

This is a point I’ve made repeatedly. The idea that the tariffs are about reshoring is largely delusional—long term fantasy vs. short term existential threat. Keep that in mind as you read.

Now Zerohedge:

A Dying Man Will Try Any Medicine

Tuesday, May 27, 2025 - 03:25 AM

Authored by Chris Macintosh via InternationalMan.com,

Boy, oh boy are things… um… interesting.

I’ll scroll right down to the really pithy part. Eyebrow raising stuff:

The issue here isn’t about “fair trade.” It is about survival, though.

Former Greek finance minister Yanis Varoufakis dropped some hard truths about the real reason behind the US- China trade war.

1. The US doesn’t fear China because of “cheap labor” or “IP theft.” What it truly fears is China’s capacity to undermine the US-led global financial order — the very system that allows America to print dollars and buy the world.

2. Wall Street’s aging financial architecture is losing its grip. It can’t control crypto flows. It can’t keep up with new financial ecosystems. China — with its digital yuan, vast industrial base, and rising global influence — is the first real threat to this system.

3. Trump’s “reciprocal tariffs” were never about balancing trade. They were a desperate attempt to slow down China’s rise and protect the dollar system from collapse. Because if China succeeds, the US loses its magic weapon: monetary dominance. See point 2 above.

4. Today, Trump is laser-focused on America’s financial core with the Treasury bond market (America’s lifeline) and the stock market (America’s wallet). Both are fragile. And any external pressure could trigger a chain reaction.

5. The US is now panicking over who’s selling off US Treasuries. China? Japan? Others? Trump reportedly wants to punish any surplus country that dumps Treasuries — with tariffs, of course. This is not about trade. It’s about a dying empire trying to stop the bleeding.

6. In short, America is no longer confident in its own financial fortress. And China is no longer playing by the old rules. This isn’t just a trade war — it’s a war for the future of global finance.

Further to this point, the famous Ben Rickert (for those who’ve watched The Big Short) highlighted this issue:

“For the first time ever, China’s CIPS (Cross-Border Interbank Payment System) surpassed SWIFT in single-day transaction volume. A red banner flashed across Bank of China’s HQ at 1:30AM on April 16, 2025.

CIPS processed a jaw-dropping ¥12.8 trillion RMB in just one day—roughly $1.76 trillion USD. That volume, if verified, overtakes the greenback-dominated SWIFT system in sheer daily cross-border throughput.

No fireworks, no Western headlines. Just one quiet early morning in Beijing where the dollar’s crown slipped. The world’s financial plumbing just got a reroute—through China.”

This of course is known to those who DON’T rely solely on Western propaganda media.

Now, consider the US bond market.

The problem is that the US can’t just do what Milei [Argentina] is doing. The debt is too large, and because US treasuries are embedded in the very fabric of global financial markets, paying down that debt has ramifications that Milei simply doesn’t have to contend with.

To highlight the issue: consider that the most significant effort to cut government spending (DOGE) is set to yield $50 billion in annual savings. Awesome… until you realise that this is on the back of a $7.5 trillion budget. They haven’t even managed to cut 0.75% of spending. Furthermore, the US has to borrow over 10% of GDP annually to keep the lights on.

Now they’re weaponizing the dollar and trade in a desperate attempt to “Make America Great Again.” The rest of the world is preparing.

More:

CIPS vs. SWIFT: the new financial showdown that could redraw international trade

China is quietly advancing with a powerful alternative: the CIPS system

While much of global trade still revolves around the U.S. dollar and the SWIFT system, China is quietly advancing with a powerful alternative: the CIPS system. With near-instant transfer times, minimal fees, and a network that now connects almost 5,000 banks in 186 countries, CIPS is no longer a promise—it’s becoming a strategic reality.

And this isn’t about some distant future. In recent months, key countries have joined, a new version has been launched with digital yuan integration, and the signals are clear: if China decides to require its use for exports, many companies and governments will have to adapt—or be left out.

…

Still more:

SWIFT's Supremacy Is Waning—How Countries Escape the Dollar Trap

Does this give you a sense of why Trump is in such a hurry? But no one else is? Does it also tell you why there’s a sense of desperation throughout the entire Anglo-Zionist realm?