A quick breakdown of what SWIFT is and why it matters

Re:A quick breakdown of what SWIFT is and why it matters by lxgr on Friday February 25, 2022 @05:48PM (#30473334)

Good point – I should have linked to the general concept instead: https://en.wikipedia.org/wiki/Basel_Accords

> Further, your response to a question about a guarantee is regulation and reports? How does anyone know the reports of another central bank are true? When a central bank fakes numbers, what are the consequences, if any, and who adjudicates them?

Money, especially fiat money, is a social construct. The conformance with and violation of it is therefore within the domains of law and politics.

> How does anyone know the reports of another central bank are true?

Monetary theory is not my expertise, but I'm curious how a central bank report can even be "false" (assuming it is issuing fiat currency and isn't falsely claiming to be backed by foreign reserves or commodities, for example).

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Re:A quick breakdown of what SWIFT is and why it matters by chii on Friday February 25, 2022 @10:30PM (#30475030)

> how a central bank report can even be "false"

they issued money to institutions or individuals, but pretended that they didn't in the reports, thus creating untraceable money without oversight.

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Re:A quick breakdown of what SWIFT is and why it matters by remram on Saturday February 26, 2022 @12:15AM (#30475358)

How do they "issue money" if they don't report that transaction? Do you mean cash?

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