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

  1. #21
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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    Quote Originally Posted by PeteEU View Post
    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.
    Maybe you would like to explain the outing of the sub prime scandal? You mean that French banks didn't do their due diligence, when they put the money of their shareholders on line? There actually was some of that, but the Germans were much worse offenders. Or was the sub prime debt you mean the Greek public debt? It is true that the due diligence was not done there either and the French did know. But that was not only the French either. That was the Bundesbank and the EU Commission primarily.

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

    Quote Originally Posted by shrubnose View Post
    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.
    What the heck are you talking about...I simply asked a question?

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

    Quote Originally Posted by joG View Post
    Maybe you would like to explain the outing of the sub prime scandal? You mean that French banks didn't do their due diligence, when they put the money of their shareholders on line? There actually was some of that, but the Germans were much worse offenders. Or was the sub prime debt you mean the Greek public debt? It is true that the due diligence was not done there either and the French did know. But that was not only the French either. That was the Bundesbank and the EU Commission primarily.
    As in the first major bank coming out and saying the truth... look above.
    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
    As in the first major bank coming out and saying the truth... look above.
    Truth about what?

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

    Quote Originally Posted by joG View Post
    Truth about what?
    That banks were packaging up crappy loans that would never be repaid and selling them amongst each other to such an incredible degree that they were all trading in Monopoly money, essentially, and basing their asset reports on giant piles of Monopoly money. And using those asset lists as a basis for more lending.

    and thanks to some wonderful deregulating, they were allowed to substitute your actual savings account dollars with Monopoly money if **** hit the fan. So the people they owed Monopoly money to would get your dollars in a bankruptcy, and you would get bailed out by the FDIC. If the FDIC had money, anyway, which it didn't.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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

    Quote Originally Posted by Deuce View Post
    That banks were packaging up crappy loans that would never be repaid and selling them amongst each other to such an incredible degree that they were all trading in Monopoly money, essentially, and basing their asset reports on giant piles of Monopoly money. And using those asset lists as a basis for more lending.

    and thanks to some wonderful deregulating, they were allowed to substitute your actual savings account dollars with Monopoly money if **** hit the fan. So the people they owed Monopoly money to would get your dollars in a bankruptcy, and you would get bailed out by the FDIC. If the FDIC had money, anyway, which it didn't.
    Oh, I know the business they were doing in detail. It is just that I don't remember it was a French bank or their government that resisted it or whatever EUPete said. One could make the point that maybe it was the head of CDS at Deutsche, but the French?

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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?
    Why do I have a feeling this is a question you have hopefully asked on multiple forums for years? In any event the answer, as always, is no. The hegemony or centrality of the dollar is safe for the foreseeable future.

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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?
    You know they were accused of far more than violations involving Cuba, right? The fine was so heavy because BNP was extremely unlucky at the timing of the investigation reaching its culmination. It came at a time when US prosecutors were being criticized for inaction against the big banks and when the US was keen to set a standard for sanctions violations after the conflict in Ukraine. BNP also didn't do the mea culpa that US prosecutors expect of companies and banks that are found guilty of major violations and instead continued their violations and tried to cover it up.

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

    Quote Originally Posted by Sherman123 View Post
    You know they were accused of far more than violations involving Cuba, right?
    Yes and it is violations of US law, not international law or sanctions, let alone violation of French law. Hence the problem. The transactions went from Switzerland and France to the countries involved. This is BS case from start to finish.

    The fine was so heavy because BNP was extremely unlucky at the timing of the investigation reaching its culmination.
    Most likely but also because of who they are as I have said before.

    It came at a time when US prosecutors were being criticized for inaction against the big banks and when the US was keen to set a standard for sanctions violations after the conflict in Ukraine. BNP also didn't do the mea culpa that US prosecutors expect of companies and banks that are found guilty of major violations and instead continued their violations and tried to cover it up.
    Screw the US prosecutors. This is a French bank and should be prosecuted in France for any violations of international sanctions. Why is it that has not happened? Because they only broke US sanctions.. and THAT is the problem.

    They have committed no crimes what so ever except in the US and because the US dollar is the world currency then the US law suddenly becomes a global law and that is simply unacceptable. It is not the first time this crap has happened and it has to stop.

    This is why more and more countries want a new world currency, and the Euro is the obvious one to use.
    PeteEU

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

    Quote Originally Posted by Sherman123 View Post
    Why do I have a feeling this is a question you have hopefully asked on multiple forums for years? In any event the answer, as always, is no. The hegemony or centrality of the dollar is safe for the foreseeable future.
    Foreseeable future?

    Well that's about as vague as it gets...but whatever.


    Personally, I have no idea when the petrodollar will end...but I think it will end.

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