Category - Economics Forum

Russia Launches Own ‘SWIFT’ Service, Links Up 91 Credit Institutions

Almost 91 of Russia’s credit institutions have been incorporated into a newly launched Russian domestic ‘SWIFT’ analogous.

Sputnik News, By Ekaterina Blinova, February 13

Almost 91 domestic credit institutions have been incorporated into the new Russian financial system, the analogous of SWIFT, an international banking network.

The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia’s Central Bank initiated the development of the country’s own messaging system in response to repeated threats voiced by Moscow’s Western partners to disconnect Russia from SWIFT.

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions.

Joining the global interbank system in 1989, Russia has become one of the most active users of SWIFT globally, sending hundreds of thousands of messages per day. In general, SWIFT provides a secure communication network for more than ten thousands of financial institutions around the world, approving transactions of trillions of US dollars.

Via Ian Welsh: Russia Creates Its Own Payment System

If You Had Told Me This Appeared on The Federalist Website….

…I would have laughed in your face. But it did:

Why abandon K-Street, and acknowledge, then reject, the Big Business perception of the GOP? They’ve had the Republican Party’s back for some time, right? In the past, the largest companies favored one party over the other because they understood a pro-capitalist, low-regulation government benefits them.

However, in recent years, especially since the 2007-2008 recession, many have turned to viewing government as a revenue source, a competition crusher, an error-eraser, and a partner in padding their bottom line. Their interest in cheap labor, bailouts, and selectively-favorable legislation has led to a flood of dollars into the Democrat Party, or into political action committees (PACs) that attempt to move Republican congressional votes away from their bases’ expectations, like the U.S. Chamber of Commerce’s push for amnesty. Meanwhile, a mix of bad deals and worse legislation left taxpayers and shareholders on the hook for trillions, millions lost their homes and jobs, and the senators and corporate heads responsible are laughing all the way to the bailed-out bank.

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Hey, Remember How VW Wanted to Open More Factories in the United States?

And remember how they supported unions, the (informed) workers supported unions, and hell, most of America wanted to see those plants opening up here because, jobs? And it was only a small handful of conservative morons who were all Socialism!!!!!, which of course neglects the fact that the same “socialism” was expanding production into America?

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Are We Underestimating America’s Fracking Boom?

Check Out Sasol’s Energy Complex in Lake Charles, La.

The Wall Street Journal, By Dennis Berman, May 27

Start with exotic Nazi technology, take a detour with South African apartheidists, and add a bit role for Iranian imams. What you have is—what else? —one of the most improbable and important American business stories of the past decade.

It’s the tale of a company called Sasol, the former South African state oil company, which is embarking on what could be the single-largest foreign investment project in U.S. history.

Sasol is building a 3,034-acre energy complex near a bayou in Lake Charles, La. Tapping into cheap, fracked natural gas as well as the pipeline and shipping infrastructure along the Gulf Coast, Sasol plans to spend as much as $21 billion there.

It is expensive, elaborate and dirty work. Sasol plans to reduce, or “crack,” the gas into ethylene, a raw chemical used in plastics, paints and food packaging. It also plans to convert the gas into high-quality diesel and other fuels, using a process once advanced by Nazi scientists to power Panzer tanks. The state of Louisiana is even kicking in $2 billion of incentives to make it happen.


So let’s put it this way: We are building a Qatar on the Bayou. From whole cloth, companies are laying new cities of fertilizer plants, boron manufacturers, methanol terminals, polymer plants, ammonia factories and paper-finishing facilities. In computer renderings, the Sasol site looks like a fearsome, steel-fitted Angkor Wat.

Sasol upbeat as projects come on stream

The Citizen, By Sasha Planting, June 10

Standard and Poor’s, the credit ratings agency, has revised its outlook on energy and chemical company Sasol from negative to stable meaning that its foreign currency credit rating by S&P is now BBB/Stable/A-2.


Notably, in February this year the company commissioned its ethylene tetramerisation project in Lake Charles, Louisiana. The plant, the first commercial plant of its kind in the world, beneficiates [huh – nice one…] ethylene into products that are used in the manufacture of plastics that require elasticity and strength.

Sasol is also moving forward with plans for its huge ethane cracker and gas-to-liquids (GTL) facilities in Southwest Louisiana.

With an estimated total cost of between $16-$21 billion (R171.2 billion-R224.7 billion), these projects mark the largest single manufacturing investment in the history of Louisiana, and one of the largest foreign direct investment manufacturing projects in the US.

It’s obvious that Mr. Jindal has what it takes to be … The Next President of the United States!