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Thread: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

  1. #11
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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by Baralis View Post
    I read recently that the IMF has been suggesting to several countries that the USD should be replaced with their Special Drawing Right (SDR) as a currency intermediary. This is a smart move for the IMF as it would give them unprecedented monetary powers but it would also mean the doom for the USD as the worlds reserve currency and ultimately may spell disaster for the USD and our economy.

    This with several other countries now making trade agreements outside the USD I believe is telling. The threads for the USD are beginning to unravel. I believe it will be an every growing trend around the world. Our deficit spending and currency overextending that so many seem to not have an issue with is exactly why the USD is losing its position in the world market.

    I admit that part of me cannot wait for the day when the USD tanks so that I can see the look on the faces of all those that believe government spending and monetary policies are sustainable and that our government could never overspend. Sadly however I have to hope that moment never happens as it would devastate a lot of innocent people.

    Yeah, ruining the lives of innocent people is worth being able to say "I told you so" to people who won't be listening.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by Infinite Chaos View Post
    Why are they not be furious that their bank has admitted to criminal behaviour and agreed to pay fines?

    It's foolishness..
    I saw this type of thing in France a lot. When they feel slighted, even when they know that they were at fault, they look for some tit for tat. Always.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by Summerwind View Post
    You truly are suffering from a comprehension disability, aren't you? BNP admitted guilt and agreed to the settlement. French may be nationalistic, but they aren't as ignorant apparently as wingnutters.
    Of course they are not "as ignorant apparently as wingnutters", which one learns very quickly, when one works in a French company. But different cultures display specific behavior. Such behavior may or may not seem sensible to outsiders. But within the culture it is quite normal, accepted and usually works well. And here you see a demonstration of behavior I have seen over and over again. Honor is at stake and it is impossible to rile at the direct attack, as everyone knows who did it. So another item is taken up and tit is answered with tat.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    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?
    PeteEU

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by PeteEU View Post
    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?
    Its a fact that every Dollar transaction, no matter how small, goes through NY for processing, even if done by foreign banks (bank to bank international transfers are not done directly but have to go through another bank called correspondence banks). Being an expat and talking with my bankers confirms this.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by DA60 View Post
    'The French government wants to break the monopoly the dollar has on international transactions after the country’s largest bank, BNP Paribas, was slapped with a record $9 billion fine and a 1-year dollar trading ban.

    Michel Sapin, the French finance minister, called for a “rebalancing” of the currencies used for global payments, saying the BNP Paribas case should “make us realize the necessity of using a variety of currencies” the Financial Times reports.

    “We [Europeans] are selling to ourselves in dollars, for instance when we sell planes. Is that necessary? I don’t think so. I think a rebalancing is possible and necessary, not just regarding the euro, but also for the big currencies of the emerging countries, which account for more and more of global trade,” the finance minister told the FT at a conference over the weekend.

    France wants to bring the euro to greater prominence in international trade. Sapin said he would raise the idea on Monday when he meets in Brussels with eurozone finance ministers.'


    France lashes out against US dollar, calls for ?rebalancing? of world currencies ? RT Business



    Is this the beginning of the end of the petrodollar?



    If you have any solid proof that it is, let's see it.

    The clock is ticking.




    I predict that you won't come up with anything.

    It's easy for anyone to run their mouth.

    Backing those wild statements up with actual facts is another story.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by PoS View Post
    Its a fact that every Dollar transaction, no matter how small, goes through NY for processing, even if done by foreign banks (bank to bank international transfers are not done directly but have to go through another bank called correspondence banks). Being an expat and talking with my bankers confirms this.
    And that is the problem. Trading with Cuba in France, Germany, Spain, Denmark and most other countries is not illegal and yet we are considered terrorists by the US government if we do so with dollars? Come on..
    PeteEU

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by joG View Post
    I saw this type of thing in France a lot. When they feel slighted, even when they know that they were at fault, they look for some tit for tat. Always.
    You see that in all nations lol. It is human nature. Hell this whole case is basically payback for the French outing the sub-prime scandal in the first place.
    PeteEU

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    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.

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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Just a reminder of history...

    BNP Freezes $2.2 Billion of Funds Over Subprime.

    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.
    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.

    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.
    PeteEU

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