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Wow. A sovereign debtor nation deals appropriately with the modern day money changers.

Russian President Vladimir Putin signed a decree establishing a temporary procedure for payments of external foreign currency public debt on Wednesday.

This, just in time for the death of SWIFT.

Russian President Vladimir Putin said on Wednesday that banks from BRICS nations can freely connect to the System for Transfer of Financial Messages (SPFS), Russia’s alternative to SWIFT.

While addressing a BRICS business forum, Putin said that together with its BRICS partners – Brazil, India, China and South Africa – Russia is developing reliable alternatives for international payments.

“The Russian system for transmitting financial messages is open to connecting banks from the five countries,” he said, adding: “The geography of the use of the Russian payment system Mir is expanding.”

Over 400 Russian and Chinese banks are already linked together. More banks and more countries will join the new, honest system as SWIFT dies. For those in the WereWest looking for a link to the financial future, Russia is almost closed-off for now. Third-tier Chinese banks (Alipay) are a possibility. Also think about institutions that are still part of SWIFT but which are likely to make the jump in a year or three. Israel and Japan come to mind.

This is great news for everyone (except the usual suspects), even for stupid Amerikans too dumb to understand where they are, what they’ve lost, and what they have to gain. Nationalist economics is the future!