Russia and China Move from SWIFT — Gibraltar did Everything — The Diamond Princess did Nothing — The Growth of Intolerance



Russia and China are building an alternative to SWIFT. Many nations are interested in such a development. But progress will be slow in BOOM’s opinion. We live in a US Dollar Empire where currency dominance is almost all encompassing.

SWIFT is an international banking message system that is used as a trusted mechanism to assist in settling transactions between banks. It allows banks to trust each other to accept requests and to fulfill them. Many claim that it is dominated by the United States and that they can interfere with inter-bank transactions. 

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is a Belgian cooperative society established in Brussels in 1973 and is owned by its member financial institutions.

As of 2018, around half of all high-value cross-border payments worldwide used the SWIFT network and in 2015, SWIFT linked more than 11,000 financial institutions in over 200 countries and territories. They were exchanging an average of over 32 million messages per day. Though widely utilized, SWIFT has actually been criticized for its inefficiency. It has also attracted controversy for enabling the United States government to monitor, and in some cases interfere with, intra-European transactions. 

Russia and China have been developing their own alternative systems — the Russian SPFS (System for Transfer of Financial Messages) and the Chinese CIPS (Cross Border Interbank Payment System). But it will be slow progress because both nations are trading economies and export goods and services a great deal receiving foreign currencies as payment. Thus, they have complex commercial relationships with many nations.

The Russian Ruble currency and the Chinese Yuan together currently make up less than 2 % of global foreign currency holdings in central banks. That is a tiny number — not much more than the Australian Dollar representation.

The fact is that the US Dollar is dominant in volume in central bank currency holdings (60 %)and therefore, it is the currency of convenience used to settle most international transactions — even with Russia and China. The Euro currency holdings amount to another 20 %. However, the Euro is often seen as a US Dollar Proxy so, together, they amount to 80 % of foreign currency holdings. That is currency dominance right there — plain and simple.

People who say “the US Dollar will soon collapse” simply don’t understand that currency volume, availability and convenience are critical features of the so-called “reserve currency” status. It is impossible for the Chinese Yuan to replace it quickly or even match it. That will be a 100 year project, if not much longer.

China’s central bank currently holds about US $ 2.3 Trillion in foreign currency reserves. Russia holds almost US$ 600 Billion. These are huge amounts held principally in US Dollars. China has the largest holdings of all nations and Russia is number 6 on the list. These high ratings reflect their exports and thus their reliance on the US Dollar.

So — you can forget anyone who writes “the US Dollar will soon collapse”. There is simply no alternative currency available in volume for that to happen.


Gibraltar has a population of 33,000 people. It is essentially a military base with very strong controls over residents. It is easy to isolate and lockdown. By March 2021, it had a 100 % Covid Vaccination rate. Booster doses started on October 1st and 76 % of the population is now “boosted”.

In regard to Cases per Million, it is NUMBER 4 on World Rankings

In regard to Deaths per Million, it is NUMBER 11 on World Rankings

In regard to Tests per Million, it is NUMBER 2 on World Rankings

In Total — Gibraltar has had 7,900 cases which is 24 % of the population and 100 deaths attributed to Covid which is 0.3 % of population.

CASES = 24 % DEATHS (attributed to Covid) = 0.3 % of Population


The cruise ship was isolated in Japan while they just waited until viral collapse occurred. The Japanese were criticised for leaving the ship to its fate with effectively zero interventions.

Total Cases = 712 Deaths 13 Total on Board = 3,711 (inc Passengers and Crew)

CASES = 19 % DEATHS (attributed to Covid) = 0.35 % of Population

So, the Diamond Princess outcome where mostly elderly people were trapped in a cruise ship was almost EXACTLY the same as Gibraltar — a military base where there is great discipline and control of the population using maximum Public Health interventions.

The conclusions we can reach from this comparison are clear. Public Health measures did almost nothing to prevent the outcomes of the virus.

But worse still, Public Heath measures may have caused huge amounts of morbidity and mortality from delayed presentations and delayed diagnoses, from psychological impacts, from economic impacts, from vaccine adverse events.

Data Source — Worldometers


“We’ve arranged a global civilization in which most crucial elements profoundly depend on science and technology. We have also arranged things so that almost no one understands science and technology. This is a prescription for disaster. We might get away with it for a while, but sooner or later this combustible mixture of ignorance and power is going to blow up in our faces.”   Carl Sagan

There is a steady growth of intolerance in the advanced economies especially amongst the fearful who are terrified of the “Covid Threat”. They are convinced that their virtue is for everyone’s benefit and they are completely convinced that their views are correct. Thus, there is a steady growth of their virtue combined with the strong expression of their views. Unfortunately, this devolves to intolerance if you will not listen or be easily convinced.

The Fearful claim that they “follow the science”. However, they (mostly) have no idea what the scientific process is. They have reduced it to a religion — a religion that worships authority. 

If anyone is fearful, their tendency to be suggestible increases via the generation of alpha brain waves. Initially, this makes them just more likely to follow suggestions but then their thought leaders slowly transform their message into “Believe ….. or Else” (!).

Presumably the High Priests of Covid Fear are Anthony Fauci who appears to pretend being a scientist when he is, in fact, a unelected public servant and Tedros Ghebreyesus, the head of the World Health Organization who has always worked in “public health” and is thus also an unelected public servant. Or perhaps the Ultimate High Priest of Covid Fear is Bill Gates, a man with no scientific or medical background whatsoever. None of these priests have ever been elected to a position to represent The People. None of them have any significant personal experience in diagnosing and treating illness in sick patients. However, they are now telling the Global Fearful what to do in response to the perceived medical threat.

The Fearful have been told to think that medicine should be practised by “scientists”. BOOM heard this statement recently on a podcast interview. “Doctors are supposed to be scientists”. But this is incorrect. Medicine is not practised as a science. Science is one of the tools of medicine but it is not medicine itself. Doctors are NOT scientists. Doctors do NOT experiment on their patients. They use abductive logic coupled with ethics to arrive at the best possible and probable solution for each and every individual patient. And they then use testing methodologies to help review the diagnosis every time they see an individual patient.

That is an iterative process of probability, continual discovery and therapy. It is not an experimental process to prove or disprove a hypothesis.

Doctors learn this process in medical school ….. in an apprenticeship. They (should) learn to treat every patient with great respect as an individual with unique and special circumstances. They (should) learn to “First, Do No Harm”. They (should) learn to care, to adopt compassion. If they can’t do that, then they will never become a complete Doctor.

Soon, there will be an Inquisition and the Covid Fearful religion will punish the “Unbelievers”. This has already started in Australia where Doctors are losing their licences to practice Medicine just for questioning authority in seeking to publicly discuss matters of great importance. And, inside their consulting rooms, they are gagged and unable to give their patients a full disclosure of the risks attached to some injectables and treatments. They are also banned from prescribing some drugs which are in widespread use all over the planet for many decades.

From history, we know the next step — when the Unbelievers will be harmed and ultimately put to death in a methodical way. This is a well worn pathway.

In the meantime, we now have the World Health Organization telling us to abandon the vaccine boosters while Anthony Fauci is saying the exact opposite. This begs the next question — Who should the Fearful follow now?

Maybe they will look to their Ultimate High Priest and switch to Automatic Updates. That is if they haven’t already.

In economics, things work until they don’t. Until next week, make your own conclusions, do your own research. BOOM does not offer investment advice.



(but they always need a Borrower to do so)


Watch this short 15 minutes video and learn as Professor Richard Werner brilliantly explains how the banking system and financial sector really work.

Prof. Werner brilliantly explains how the banking system and financial sector really work. – YouTube

How is Most New Money Created ?

LOANS CREATE DEPOSITS — that is how almost all new money is created in the economy (by commercial banks making loans).

From the Bank of England Quarterly Bulletin Q1 2014    —
“Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.

“Most money in the modern economy is in the form of bank deposits, which are created by commercial banks themselves”.

Youtube Video —


Paper:  Money in the Modern Economy  PDF —  CLICK HERE

Quarterly Bulletins Index

Most economists are unaware of this and even ignore the banking & finance sectors in their econometric models.

On 25th April 2017, the central bank of Germany, the Bundesbank, released a statement on this matter —

“In terms of volume, the majority of the money supply is made up of book money, which is created through transactions between banks and domestic customers. Sight deposits are an example of book money: sight deposits are created when a bank settles transactions with a customer, ie it grants a credit, say, or purchases an asset and credits the corresponding amount to the customer’s bank account in return. This means that banks can create book money just by making an accounting entry: according to the Bundesbank’s economists, “this refutes a popular misconception that banks act simply as intermediaries at the time of lending – i.e. that banks can only grant credit using funds placed with them previously as deposits by other customers”. By the same token, excess central bank reserves are not a necessary precondition for a bank to grant credit (and thus create money).”


The Reserve Bank of Australia (Australia’s central bank) has also contributed to the issue in a speech by Christopher Kent, the Assistant Governor on September 19th 2018.
“…… the vast bulk of broad money consists of bank deposits”
“Money can be created …….. when financial intermediaries make loans
“In the first instance, the process of money creation requires a willing borrower.” 
“It’s also worth emphasizing that the process of money creation is not the result of the actions of any single bank – rather, the banking system as a whole acts to create money.”

Disclaimer:   All content is presented for educational and/or entertainment purposes only. Under no circumstances should it be mistaken for professional investment advice, nor is it at all intended to be taken as such. The commentary and other contents simply reflect the opinion of the authors alone on the current and future status of the markets and various economies. It is subject to error and change without notice.The presence of a link to a website does not indicate approval or endorsement of that web site or any services, products, or opinions that may be offered by them.

Neither the information nor any opinion expressed constitutes a solicitation to buy or sell any securities nor investments. Do NOT ever purchase any security or investment without doing your own and sufficient research.  Neither BOOM Finance and nor any of its principals or contributors are under any obligation to update or keep current the information contained herein. The principals and related parties may at times have positions in the securities or investments referred to and may make purchases or sales of these securities and investments while this site is live. The analysis contained is based on both technical and fundamental research.

Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

Disclosure: We accept no advertising or compensation, and have no material connection to any products, brands, topics or companies mentioned anywhere on the site.

Fair Use Notice: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of issues of economic and social significance. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.


MOLS Denmark

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s