What is SWIFT?

Stuff They Don't Want You To Know

iHeartPodcasts

Society & Culture

4.2 • 11K Ratings

🗓️ 11 March 2022

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today's globally-connected financial system, it's pretty easy to send money from one place to the next, across most of the planet -- and that's all thanks to a system called the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. Many people outside of the world of finance only heard about SWIFT recently, when the US and Europe declared they'd remove Russian banks' ability to access the system. What does that mean, exactly? Why was it described as a 'nuclear' option in economic warfare? And why did some European countries hesitate to pull the plug?

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Transcript

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0:00.0	My father was a fly star.
0:01.7	It was Spike Beatlemania.
0:03.2	But not here in America.
0:04.7	Dean Reed criticized the American government
0:06.8	from behind the Iron Curtain.
0:08.3	He had lots of enemies.
0:09.7	He'll calm you down, think all that.
0:11.3	He wanted to come back home,
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0:15.0	Dean Reed died.
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0:30.3	Hi, it's Bethany Frankel.
0:31.9	My time on the Real Housewives of New York
0:33.8	is a few years behind me.
0:35.2	And now I'm ready to put the real back
0:37.1	into the Real Housewives.
0:38.6	That's where my new podcast, Rewives Comes In.
	...

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