Operation Disclosure | By David Lifschultz, Contributing Writer
Submitted on March 14, 2022
THE FINANCIAL WAR AGAINST RUSSIA VIA SWIFT AND CHIPS
COMPLIMENTS OF THE LIFSCHULTZ ORGANIZATION FOUNDED IN 1899
I am introducing in this article Mrs. Elvira Nabiullina the head of the Russian Central Bank on how not to run an economy as Russia was and is run. Of course, the last twenty years have been better than the chaos the CIA and the Rothschilds introduced into Russia in the 1990s when it was looted and destroyed in revenge for its past Soviet period. My recommendation to the deep state (OSS-CIA, etc.) then to welcome Russia back into Christian Civilization as the prodigal son in Luke was rejected out of hand. Today Russia is controlled by the Rothschild oligarchs who stole most of the country in the 1990s which theft is still honored in Russia and it is they ( Roman Abramovich) who picked Putin who they advised Lord Jacob would be under their absolute control. Roman Abramovitch and Oleg Deripaska with five other oligarchs are now under English sanctions ordered by Lord Jacob Rothschild because Russia is now out of their control and the military and intelligence agencies appear to be exercising that control now.
I went to a presentation in Moscow during my visit there in 2019 by Mrs. Elvira Nabiullina who was head of the Central Bank of Russia. Unlike the Chinese Central Bank who understands that a 20% increase in credit per year is not inflationary if it is only used to build industries whose increase in production of 20% will offset any inflationary effect, she follows the Friedman monetary rule of slow increase in credit which can be still be inflationary if there is no offsetting increase in production. It is not the increase in credit that causes inflation but how it is used. If it is used as in the US for manipulation of markets on Wall Street, then of course it will be inflationary.
There are those who will exclaim that the Chinese Government has no right to direct credit as the free market in the use of credit is more productive. As we see in the US, there has almost been no real growth in the US over the past thirty years under Friedman’s ideas or in Russia for the past twenty years the growth was not very much. Growth in China was nothing short of spectacular as money creation or credit was directed toward production. It is mostly inflation in the US as the credit is not used productively. The inflation itself is understated as the CPI or consumer price index in the US removes rapidly rising prices in a product and replaces it with a cheaper one on what they say is more reflective of the new reality but that is simply false. So the inflation is significantly understated.
The Friedmanites will tell us that in a free market the government should have no right to direct credit as that is a free banking function. In order to understand this, we have to know what credit is. The banks operate such as in Euroland at a 1% fractional reserve requirement. Euros are injected into the European banks which then can expand 100 times. So one make believe euro credit can create in European bank lending 100 euro credits. Now the creation of credit is thus a governmental largesse. If that is so, then this money creation is a governmental function and the government should have a right to direct its use as in China to productive ends and not for lending to Wall Street derivative players who manipulate the markets. It must have a productive purpose. We can express this another way. The banks cannot be allowed free use of money that really belongs to the people as credit money is a substitute for money and creation of money is a governmental function as representatives of the people. In other words, governments have the right to make money or credit not private banks. If they let the private banks make money which is public right, then they at least have the right to direct where that money goes as a public right. When J. P. Morgan testified before a banking committee he was asked what is money and he replied gold is money and all the rest is credit. Today we have no money as gold does not back the currency but only credit, and the dollar itself in paper form is a kind of credit as there is no gold backing. This credit is the making of money as a public good and the governments have a right to supervise it. If we want to understand how credit that has no intrinsic value can become money, we have to look to Karl Marx who said that the dollar or dollar credit backed by nothing was the jealous god of money and that its creation of value was a form of transubstantiation. I am merely explaining what he meant and I think he was joking.
This intellectual process is explained by Johann Wolfgang von Goethe as follows from his Faust:
I am fed up with this endless how and when,
if there is no money let us make it then.
Now, if we return to Mrs. Elvira Nabiullina, Russia has hardly grown under her Friedmanite approach, but China has grown to become the largest economy in the world over these past years. The US set up China with yours truly involved as an advisor on the US side from the 1980s since it was the US goal to build up China against Russia after we allied with China in 1972, but it was our goal that Russia should go nowhere as it did. The Russian Central Bankers have been US agents. Mrs. Nabiullina has held Russian growth back and Mr. Putin does not understand these issues.
Now, let’s return to the talk Mrs. Nabiullina gave. The auditorium was packed. She would not take questions as her ability is limited. She was preceded by Sergey Shvetsov as he is the key man and it was he who transferred a trillion looted oligarch dollars to Lord Jacob Rothschild in London. (He is leaving the central bank in order to criminalize the currency market against Russian interests as that is his next job.) His comments were meaningless and then he took questions. I raised my hand and was called on. Since I did not speak Russian my colleague translated my question. I asked if the bank had done a stress test on what was going to happen when Russia was cut off SWIFT-CHIPS.
Introduction to the Clearing House Interbank Payments System (CHIPS) Definition
It is amazing that people think SWIFT alone is important when it is only a message service which was created before the internet use became universal. It is CHIPS that is important. This SWIFT-CHIPS cut off was long in planning but no one in authority listened to me in Russia. Shvetsov turned white and was shocked. My interpreter added that I was a friend of Donald Trump. As you know, he won the election based on my campaign program for him of import restriction by ending currency rigging; ending immigration which was an attack on the American labor wage which would impoverish the poor even more–credit card interest rates are for the poor 15 to 25 percent while banks pay less than 1% for their money in the Federal Funds rate; and detente with Russia and China. My colleagues at the deep state would not let Trump do anything. Biden has nothing to say about anything either. That is just the way it is.
In fact, here is an interesting story. I wrote Trump with my plan for ending the US trade deficit in one step. It was the US would rig the currencies in reverse as the Japanese, yen, Germans, euro, etc. were rigged against the US. They buy dollars to hold them up so they can dump their goods on the US. We would buy yen, euros, etc. with every surplus country until the dollar was so cheap it could not buy their products. Presto. No trade deficit. Actually we could pay off quickly the 15 trillion dollar net deficit position in the international accounts. Donald ran with it. The whole US financial system shook. But the deep state after a few weeks just told him to shut up and got rid of him in the next election by rigging the vote.
Robert Rubin Correspondence – David Lifschultz
Anyway, back to Shvetsov. When my interpreter had ended my question he added on his own words that I was friend of Donald Trump. You cannot imagine what happened. The whole auditorium burst out laughing and pandemonium broke out. The girls were smiling and it was not negative. I could not figure out how my technical question had aroused so much emotion and turned to my translator and Russian colleague asking him just what he said, and he related he ended the question by saying I was a friend of Donald Trump.
When the pandemonium died down Sergey Shvetsov was pale as a ghost. He then said that he had not come to talk about SWIFT-CHIPS but the Russian stock market as though currency fluctuations would not affect the stock market. Then I went up to talk to him and he looked at me in absolute fright and ran out of the place. I am sure he made call to his western handlers.
I was in Russia in 2019 for a number of months warning about a war in the Ukraine and that the Russians must prepare for the ending of SWIFT-CHIPS. No one listened to me. See my speech below at the Duma on July 2, 2019 where I predicted the Ukraine war and that Russia would be cut off from CHIPS-SWIFT. Here are two quotes:
“Can we have peace when Russians are being pounded with mortars in Donbas? Can we have peace when Russians are being mistreated in former Russian territories where twenty-five million Russians reside? The answer is no.”
“If the US can succeed in destroying Iran, that effectively isolates Russia and China. Then, the US plan to implement the fatal blow on Russia by cutting them out of CHIPS and SWIFT comes next. What is CHIPS and SWIFT?”
THE LIFSCHULTZ ORGANIZATION
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