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

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

    Quote Originally Posted by PeteEU View Post
    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.



    Most likely but also because of who they are as I have said before.



    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.
    'Screw US prosecutors.'

    I like your style - and agree with your entire post.

    Personally, America had better stop this nonsense or they will lose the petrodollar faster then they might otherwise.

    America is not the only game in town anymore.

    Personally, I think the reserve currency should be a basket of currencies.

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

    I don't think the USD will ever lose its status as reserve currency. Libertarians have been predicting the "end of the petrodollar" for decades.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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

    Quote Originally Posted by Khayembii Communique View Post
    I don't think the USD will ever lose its status as reserve currency. Libertarians have been predicting the "end of the petrodollar" for decades.
    Well it has already happened somewhat. For years now, the Euro has been ahead of the dollar in global payments according to SWIFT that is the official monitor of such things. Only this year did the dollar at least briefly retake the nr. 1 position. Right now, around 41.6% of world transactions are in dollars and 32.3% in Euros. A year ago that was flipped and had been so for a long while.
    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?
    If they don't want to go thru New York, they very simply should be trading in other currency. I don't think USA requires any transaction outside it's borders (or inside that I'm aware of) to utilize USD. Seems if they want to work against our sanctions,(which mostly imo are total bull**** doing more harm than good, but that's another topic) then they should do business in their own currency.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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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.
    I agree... for those of us who have trying to argue limited government, sound fiscal policy, and a backed currency - we have had to endure being shouted down and thumbed at for all these years. Our warnings of course have fallen on deaf ears, and the Keynesians and fiat currency crowd have been partying it up - laughing that the music can't possibly stop.

    Well, just as with what happened in the 1920's - the music will stop, and lot of people are going to suffer. Only this time, the crisis will much more devastating.

    End of the Road - How Money Became Worthless is a good documentary that explains all of this - I highly recommend it.


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

    Quote Originally Posted by Summerwind View Post
    If they don't want to go thru New York, they very simply should be trading in other currency. I don't think USA requires any transaction outside it's borders (or inside that I'm aware of) to utilize USD.
    Oil, gas, and anything else traded on the New York and Chicago exchanges.

    Seems if they want to work against our sanctions,(which mostly imo are total bull**** doing more harm than good, but that's another topic) then they should do business in their own currency.
    The US dollar has been safe for decades and never been abused in this way until after the the naughties. Most people are not aware of the problem until it hits the media who rarely cover it. Look at the coverage of this whole case.. very few US media mention the fact that what these banks did, is not illegal outside the US..

    It will take time to move from the dollar to alternatives and will require the major players other than the US to actively do this. That means Saudi Arabia, China and so on demanding payments in alternative currencies rather than dollars. If they start doing that, then that will become a massive problem for the US.
    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
    Oil, gas, and anything else traded on the New York and Chicago exchanges.



    The US dollar has been safe for decades and never been abused in this way until after the the naughties. Most people are not aware of the problem until it hits the media who rarely cover it. Look at the coverage of this whole case.. very few US media mention the fact that what these banks did, is not illegal outside the US..

    It will take time to move from the dollar to alternatives and will require the major players other than the US to actively do this. That means Saudi Arabia, China and so on demanding payments in alternative currencies rather than dollars. If they start doing that, then that will become a massive problem for the US.
    NY and Chicago are not the only exchanges, so do it on a different exchange.

    We abuse our own dollar, are you f'ing nuts, "never abuse in the is way",

    I'm sorry, but I don't buy "it'll take time." It will only take time if people care to hold up the USA while they are transferring to other currency. We are way to computerized, and computer finances are way too easy to exchange currency, for any legitimate reason to use USD any longer than anyone wants to. Granted a global or even independent country moving all it's USDs to something else wouldn't be good for US, but oh well.

    What I'm saying here is that BNP used the USD knowingly and with intent, therefore it's on them, not USA. Other options are available, complicated and frustrating as that may be, I doubt they used the usual exchanges for the transactions, so they should've also used other currency.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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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?
    In related news, France has surrendered to the dollar. All of it's money will now be printed on white backgrounds.
    The ghost of Jack Kevorkian for President's Physician: 2016

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

    Quote Originally Posted by Summerwind View Post
    NY and Chicago are not the only exchanges, so do it on a different exchange.
    Cant... it is called WTI crude for a reason .. it is the world benchmark and is only traded in the US.

    What I'm saying here is that BNP used the USD knowingly and with intent, therefore it's on them, not USA. Other options are available, complicated and frustrating as that may be, I doubt they used the usual exchanges for the transactions, so they should've also used other currency.
    They used USD because the customers wanted that.

    But look at it this way. A young man age 17 finds a nice 15 year old American girl who is on vacation in Italy/France/UK/random country and love happens. They sleep together. The parents find out when back in the US, and the find out the boy is coming for a visit.. and get him arrested for rape. Sex with a 15 year old is illegal in that US state, but it is not in the country where it happened. The boy gets 25 years for rape.

    Now can you say that is fair?
    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
    Cant... it is called WTI crude for a reason .. it is the world benchmark and is only traded in the US.



    They used USD because the customers wanted that.

    But look at it this way. A young man age 17 finds a nice 15 year old American girl who is on vacation in Italy/France/UK/random country and love happens. They sleep together. The parents find out when back in the US, and the find out the boy is coming for a visit.. and get him arrested for rape. Sex with a 15 year old is illegal in that US state, but it is not in the country where it happened. The boy gets 25 years for rape.

    Now can you say that is fair?
    Life isn't fair, so fairness has nothing to do with it.

    Your analogy is ridiculous. Firstly 17 having sex with 15 isn't illegal in the US. Secondly, it'd be more akin to ... they fall in love and decide to have sex but the only way is to come to the USA to have that sex. Now IF it were illegal, which it isn't for 17 to 15yos, then it would be prosecutable because it happened in the USA.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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