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*** France calls for Rebalancing of world currencies***

easyrider

By easyrider,
in World Economy

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easyrider Newbie

easyrider

Posted
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France lashes out against US dollar, calls for ‘rebalancing’ of world currencies
Published time: July 07, 2014 10:24 

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.

BNP was punished for helping counties like Iran, Sudan, and Cuba process $30 billion in transactions which are illegal under US law, since they violate US sanctions. Starting on January 1, 2015, the bank will not be able to carry out dollar-based transactions for one year.

The French government has called the fine and 1-year ban unreasonable and unfair, as it blocks the country’s largest bank from handling dollars, which is the dominant currency in global trade. Nearly 90 percent of all deals in the $5 trillion a day foreign exchange market includes the US dollar.

Heavy-handed sanctions from the US and Europe have forced countries to also look towards other currency options. Russia, for example, is actively working to de-dollarize, and is starting to use the Chinese yuan and other Asian currencies in trading.

Dollars dominate most oil and gas pricing, another cycle France hopes to break.

Christophe de Margerie, the CEO of Total, France’s largest company, says other currencies can be used in oil purchases, even if the benchmark is left in dollars.

“The price of a barrel of oil is quoted in dollars,” de Margerie said. “A refinery can take that price and using the euro-dollar exchange rate on any given day, agree to make the payment in euro.”

The US and OPEC countries have traded oil exclusively in US dollars since 1971.


http://rt.com/business/170864-france-balance-dollar-bnp/

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The Machine Newbie

The Machine

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Posted

finally it's starting .......

 

yes, I think this is the real start of the final days of the dollar, this time it's not a little country in the middle of a desert run by a dictator saying they want the dollar gone ...... France hmmmm I never would have guessed it would be them.

I find it crazy how the US can slap a fine on a country on the other side of the world for breaking a US trade sanction  ....... I wonder will they ever see any of that $9billion dollar fine ..... or will France just give them the old two fingered salute and walk away from the dollar.

 

the next few weeks are going to be very interesting indeed, will other European countries start to follow suit ??

 

Who knows ....... exciting !!

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Rochester Experienced

Rochester

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France used to be the greatest power in the world, in the 18th Century. The greatest army, the greatest artist, writers, scientists. Now?......not so much!......California, a single American state, has an economy that is almost 7X as large as France..... American artists, music writers, movie makers, industries, scientists, and culture, dominate and are leading the world.

 

Message to France: Shut the fork up, S'il vous Plait.

 

France, you can run the world's currency, whenever you have the world's biggest economy and military.

 

Till then?

 

Stick to what you are good at, France: making croissants, and showing North American tourists around your old buildings.

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dontlop Newbie

dontlop

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Well please take the United Nations out of New York when your done with the dollar

And take the IMF headquarters out of Washington, D.C.

And the world bank too

And we will gladly take jp Morgan citi group goldman Sacs and pull our assets out of the rest of the world

Who is it that your going to be dealing with Russia ?

Then I hope you can invest trillions of dollars into a military machine that can back y'all up when they come reigning down on you this time

How in the world will you be able to pay for universal health care too

Geez your economy shrinks as china takes over and the Arabs take hold of France and britan

France will sit in ruins once again and the Americans will save them and America will rebuild the world again as usual

No body needs the Americans

They just need bandaids lots and lots of bandaids

Trillions of band aids

They can corner the market on band aids

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dontlop Newbie

dontlop

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The us and OPEC have been trading oil exclusively in the us since 1971

Hey thanks for stopping Russia's aggression across Europe

Ok get out of here now

We don't need you any more

France can't use the dollar for one year

Well here's your chance to not use it

Show us what you got

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The Machine Newbie

The Machine

Posted
Posted

France used to be the greatest power in the world, in the 18th Century. The greatest army, the greatest artist, writers, scientists. Now?......not so much!......California, a single American state, has an economy that is almost 7X as large as France..... American artists, music writers, movie makers, industries, scientists, and culture, dominate and are leading the world.

 

Message to France: Shut the fork up, S'il vous Plait.

 

France, you can run the world's currency, whenever you have the world's biggest economy and military.

 

Till then?

 

Stick to what you are good at, France: making croissants, and showing North American tourists around your old buildings.

 

 

So by your reasoning then .... your stuffed .... China is about to become the largest economy on the planet ....

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Djorgie Newbie

Djorgie

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Anyone with half a brain cell knows that the dollar is going to come to and end... The question is when?

 

I am praying that it is not prior to an RV. That would really not be the ideal scenario for those who hold dinar in the U.S.

 

Things are honestly not looking so great at the moment for an RV any time soon. Not making any attempt at being a downer, and we were on a good run there for a minute as far as things lining up and being done that could have aided in making the process easier, but with everything that is happening and not happening at the present I just get a really sick feeling about it all.

 

I pray that things make a turn around and that Iraq finally gets itself together and that those poor people can have some peace for once and that just maybe the CBI/elitists decide to go ahead and move forward with a RV before things get any worse in this world.

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umbertino Grand Master

umbertino

Posted
Posted (edited)

Quote

Well please take the United Nations out of New York when your done with the dollar

And take the IMF headquarters out of Washington, D.C.

And the world bank too

 End Quote

Agreed ( I'm serious). They should be in a   (at least more) neutral Country . In diff. more ( humanly possible) neutral countries would be even better.JMHO.


 

https://www.economy.com/dismal/outlook/country.aspx?geo=IFRA


http://www.business.ca.gov/WhyCA/CaliforniaEconomybytheNumbers.aspx

Edited by umbertino
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dontlop Newbie

dontlop

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Posted (edited)

Theres gonna be a one world currency soon

The dollar

We won

End of story

You can't take the dollar down the dollar is overwhelmingly the strongest currency on the planet

And all your reserves are full of them

So go ahead and spend them or find a buyer

Because we don't buy them we exchange them for goods and services

What will ya have ,,,, a new Chevy?

How about some new ships

If your govts buy our goods with all those dollars just think how strong our economy will get but if they back their own currency with it then they can build their own ships and your economy will boom instead of ours

Your choice

So your better off holding them unless that is you want our economy to take off

Edited by dontlop
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The Machine Newbie

The Machine

Posted
Posted

Theres gonna be a one world currency soon

The dollar

We won

End of story

You can't take the dollar down the dollar is overwhelmingly the strongest currency on the planet

And all your reserves are full of them

So go ahead and spend them or find a buyer

Because we don't buy them we exchange them for goods and services

What will ya have ,,,, a new Chevy?

How about some new ships

If your govts buy our goods with all those dollars just think how strong our economy will get

So your better off holding them unless that is you want our economy to take off

 

 

The Romans used to say something similar ......... all fiat currencies have a shelf life, the dollar is well overdue.

 

We can go round and round in circles posturing and joking about each others point of view but I don't think that would get us anywhere.

 

Everything in this world comes to an end, it's just a matter of time.

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dontlop Newbie

dontlop

Posted
Posted

I think your right

How's the debt clock doing ?

Do ya think when it hits a certain number it's over

I wonder what that magic number is

19 trillion

I know they always talked about 19% of our gdp was the magic number for govts spending

19'trillion on the button

The debt clock stops and the president walks out on the podium and says

What ?

Well we had a great run

All you holding the dollar are screwed including 100% of the world

It's surly gonna knock everyone back a knotch

Hey uh

You can't do that any more

Uh

Your gonna half to turn off your gas furnace now

And quit driving your car to work

So get used to it

They can't have such a drastic change in society

They will definatly be adding some zeros to the currency

Let's see from 35 dollars announce to 1200 an ounce of gold

So if we base the dollar at 35 and were at 1200

Is anyone shorting the dollar ?

The world debt clock is at 58 trillion dollars

The world m2 is 60 trillion

The world m3 is 75 trillion

So at 60 trillion on the world clock all money will be debt

So how do they get more money ?call Obama ?

Obama money. ?

(CBS News) The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

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dontlop Newbie

dontlop

Posted
Posted

I'm gonna panic when the communists think they own me I'm gonna become a ward of the state

If they can catch me

All Fiat currencies are already debt, that's why they're called notes. They are debt notes. This whole fiat currency world is a scam. You know that.

Wm13

ya but there's only so much debt issued for each country , right ?

Our assets were sold under the new deal in return we got debt notes issued

I think we spent them all and some of someone elses

Lol just kidding

This is not for us to know I don't think

And it's probably better for us if we don't know

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Rochester Experienced

Rochester

Posted
Posted

Machine, America will be the equal of China, for about 10 years, then the Chinese are taking over the world. Chinese kids work harder at school. American kids are lazy, stupid, undisciplined. Look at who is getting a good education, and filling all the slots at university, in the sciences. It's the Oriental kids.....it's their time, to run the world......America will continue to be dominant in many ways, but economically and scientifically, it is the time for Chinese dominance, this century.

 

And I'm glad for it. The Chinese are embracing science, with a zeal I have never seen before.

 

Smart people, educated people, successful people are Rock Stars over there. Bill Gates goes there, and is treated like a Rock Star.

 

Historically, except for the brief period of the last 400 years, the Chinese economy was the biggest, most advanced in the world.

 

Soon it will go back to it's old position of dominance.

 

Chinese will run the world, very soon.

 

It's happening already.

 

Some time this year, the Chinese economy will become the largest in the world.

 

There are 5 times as many Chinese as Americans. I think the economy of China will be equal to between 5 and 7 American economies.

 

Like France, America's best days are behind it.

 

Part of this will be the collapse of the American dollar, as people lose confidence in America.

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