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

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

    '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?

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

    Another link:

    France to tackle dollar

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

    http://dealbook.nytimes.com/2014/06/...anctions-case/

    I have no problem with push back against the dollar, that makes sense. However to suggest that BNP shouldn't be fined or that they didn't agree with the fines after pleading guilty, is to have one's head in a dark, damp, smelly place.
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    Re: France lashes out against US dollar, calls for ‘rebalancing’ of world currencies

    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.

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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?
    The French have always had a problem with the general use of the dollar. De Gaulle popped Breton Woods at one point, which was fine.
    And we must admit that the US has been printing an awful amount of cash, borrowing rather a lot of money and running an eye popping trade imbalance.

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

    Quote Originally Posted by Summerwind View Post
    http://dealbook.nytimes.com/2014/06/...anctions-case/

    I have no problem with push back against the dollar, that makes sense. However to suggest that BNP shouldn't be fined or that they didn't agree with the fines after pleading guilty, is to have one's head in a dark, damp, smelly place.
    Yeah, the two stories seem strangely intermixed. The dollar reserves story is an entirely different matter from BNP paribas admitting and being found guilty of illegal activities.

    Quote Originally Posted by joG View Post
    -- And we must admit that the US has been printing an awful amount of cash --
    That simply makes it less worthwhile for other countries to hold dollars as a security when the reserves they hold start devaluing as more and more enter the system.

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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
    Yeah, the two stories seem strangely ....
    They are intermuxed, because the French are always strongly national and mindful of appearances in these things and are furious that their bank has been pronounced criminal.

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

    Quote Originally Posted by joG View Post
    They are intermuxed, because the French are always strongly national and mindful of appearances in these things and are furious that their bank has been pronounced criminal.
    Why are they not be furious that their bank has admitted to criminal behaviour and agreed to pay fines?

    It's foolishness..

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

    I do hope there is a rebalancing of world currencies, the US right now is being a dictator and forcing all other countries to bow down to our pro-tax banking laws, personally I hope the world uses the Swiss Franc as the reserve currency in the future.

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

    Quote Originally Posted by joG View Post
    They are intermuxed, because the French are always strongly national and mindful of appearances in these things and are furious that their bank has been pronounced criminal.
    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.
    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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