Skip to comments.France hits out at dollar dominance in international transactions
Posted on 07/12/2014 7:11:53 PM PDT by wetphoenix
France's political and business establishment has hit out against the hegemony of the dollar in international transactions after U.S. authorities fined BNP Paribas $9 billion for helping countries avoid sanctions.
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".
He said, in an interview with the Financial Times on the sidelines of a weekend economics conference: "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."
(Excerpt) Read more at cnbc.com ...
Congratulations to the Federal Reserve. Mission accomplished.
This Regime is...freaking killing us.
He’s dismantling the whole country, and the whole world is going to scorn us.
Blame schizoid foreign policy. You can’t push political agenda upon other nation’s vital business interests and have them sit calm.
I’m sure that the “Dollar” is on the hit list of things the Obama regime wishes to be weakened/destroyed in their campaign to bring down the American Republic.
Sure it is. That’s what this whole “loans to people who can’t pay them back” thing was always about.
This guy will literally destroy anyone over 65, if he gets his way. The dollar will be worth zip, and retirees will be lucky to be able to buy one cup of coffee a month by the time he and his ilk are done.
It was France that forced Nixon to close the gold window, and then we had all that inflation in the 1970’s. It was mostly our fault, though. The Fed was printing money during and after WWII just as they’ve been doing the past few years.
Retirees did better under Bush. We got money for our investments and gas was low.
The USA has a great power and benefit of having the world's reserve currency, but USA's leaders are determined to destroy that advantage because having such status (temporarily anyway) allows massive debt and money printing to fund the progressive nanny-state and its political agenda, our global military spending, and as we see in France's case, a clumsy foreign-policy club.
I can't think of anything which will replace the US dollar quickly (gold maybe?) but there will be a steady erosion of its acceptance and a lot of active moves against more US dollar use globally.
BNP is owned by France.
France is going to fall all over themselves to sell more Minstral ships to Russia...
George Soros the Sequel