This is bull**** from one end to another. BNP was the bank that outed the US subprime scandal, and this is payback. I can not believe that they actually got fined for doing business with freaking Cuba.. I fully understand that France and many others want to get rid of the US dollar, because of US abuses. This aint the first time this has happened... a few years ago, a Danish company buying Cuban cigars from Germany had their payment held by the US because for some reason the payment had to go through New York, and hence it "broke US sanctions".. wtf?
No one is going to back the euro in the shambles that it is in right now as a world currency. you can go anywhere and they will take dollars no problem.
good luck doing that with the euro.
the US economy is to large for another currency to take over. i do say we need a better monitary policy though. this borrow spend is at it's peak we can no longer
afford to do this. which means the US government needs to get rid of a few of these departments and send the power back to the states.
where it should belong to begin with.
Just a reminder of history...
BNP Freezes $2.2 Billion of Funds Over Subprime.
I remember the day, when they came out with this comment.. it sent shock waves through the financial world and is arguably the "outing" of the scale of the sub prime scandal.BNP Paribas, the eurozone's second biggest bank by market capitalisation, said the subprime crisis was preventing it from calculating the value of the asset-backed securities funds and barred investors from redeeming cash from them.
On 1. October 2007 the second shock hit when UBS... another bank fined by the US... announced massive losses due to US sub-prime investments.
Half a year after BNP came with that comment, the US financial market was on its knees and being bailed out.