Topic: Swift System

Martin Armstrong explains that the BRICS nations formed as a direct response to the U.S. removing Russia from the SWIFT system. China, which held 10% of U.S. national debt, has begun dumping treasuries in anticipation of war, leading to a situation where the U.S. cannot sell new debt to pay off the old. Armstrong argues that Western leaders view a long-term war with Russia as their only viable business model to avoid economic default.

The upcoming BRICS summit in Russia is identified as a pivotal moment for the launch of a new common currency backed by gold. Vladimir Putin's goal of de-dollarization is discussed alongside the expansion of BRICS to include nations like Saudi Arabia, Iran, and Egypt. The launch of the BRICS Pay app is highlighted as a competitor to Western payment systems like SWIFT.

The hosts discuss the global shift away from the U.S. dollar as the petrodollar loses its status in Saudi Arabia and BRICS nations move toward gold-backed currencies. Michael Yon explains his decision to return to the U.S. in 2020 based on his prediction of an inevitable civil war. The discussion posits that the Biden administration's decision to kick Russia out of the SWIFT system has accelerated the collapse of the American-led international banking cabal.

The war in Ukraine is framed as the catalyst for Russia and the BRICS nations to break away from the petrodollar and the SWIFT system. Stone argues that the Western "New World Order" is bankrupt and is attempting a "controlled demolition" of the current financial system to reset it. He notes that the public is no longer buying the narrative that inflation is solely Russia's fault.