Almost every day Germany and other European Union nations announce new projects to aid their break from the United States. One of the most important projects involves the global interbank payment system—SWIFT. America has the authority to ban nations from this payment system, giving it huge financial power. Earlier this week, Germany announced it was working on its own European version of SWIFT. Trumpet contributing editor Richard Palmer explains how this could be the end of the dollar’s position as the global reserve currency, which would be devastating to the U.S. economy.
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