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chewz | 1 month ago

It is not possible. Europe's financial markets are the size of Europe's military.

Europe needs US financial markets (dollars) to finance its debt as all European bank together could fit into JP Morgan.

Switching away from SWIFT or Visa/Mastercard is also improbable as Europe lack tech skills to run such complex systems.

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pintxo|1 month ago

#8 + #9 by assets are combined bigger than JP Morgan (which is #5 on the list) [https://en.wikipedia.org/wiki/List_of_largest_banks]

SWIFT sits in Belgium, why would anyone in Europe need to switch away from it? Is the US able to handle their (international) financial transactions without access to SWIFT?

The financial market being significantly smaller, sure, but will it stay like that?

Quickly summing up total spending of the European countries on this list, the Europeans seem to spend about half of what the US spends on the military, quite a lot more than I expected. [https://en.wikipedia.org/wiki/List_of_countries_with_highest...]