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

by BZ ⒾAM Riger / Monday, 07 July 2014 / Published in Absolute Data

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

Published on RT News, on July 7, 2014 7, 2014

french_finance_minister.si.jpg

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.

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5 Comments to “ France lashes out against US dollar, calls for ‘rebalancing’ of world currencies”

  1. Christina says :Reply
    July 8, 2014 at 6:26 am

    This is just one of many smoke screens for what they really want to do…………a one world currency

  2. Olinda says :Reply
    July 9, 2014 at 8:35 am

    (A quote from PAO)
    “A number of nations are currently putting together coalitions whose purpose is to bypass the many fiat-based organizations of the old dark order. These financial organizations were given life by the signing of the Dumbarton-Oaks agreements in late 1944. The old guard institutions, such as the International Monetary Fund (IMF), are to be set aside as new “true value” precious metal global currencies manifest. Along with these new currencies are to be new banking regulations as expressed by various “Basel III” compliances. Our Earth allies and their numerous national associates are doing this to redistribute the planet’s wealth and create a way to push the dark from its present position of financial and governmental supremacy. All of this is just the beginning of a process to free you from centuries-long debt slavery and the corruption of governments sworn to uphold every whim of the cabal and its many associates.”

    ##
    I say it is just the beginning of the resetting of currencies. I hear that it may happen between mid July and mid August………..also there is no such thing as one world currency happening ever as I belong to the BRICS nations. America is on its way to becoming a 3rd world nation…pity. I guess that is what pride and greed does to people and nations. The best of empires and civilizations have a D day.

  3. Graham says :Reply
    July 9, 2014 at 4:45 pm

    I agree with Olinda, pride comes before a fall.

  4. Leeman Wallace says :Reply
    July 10, 2014 at 12:01 pm

    @ Olinda
    I must warn you concerning your confidence of being within a “BRICS” nation my friend. There is a “Global Financial Stress Test” planned, and your BRICS nations are the prime targets.
    This test has been designed by the European Central Banks, with the main player being the Bank of Belgium.

    This Stress Test is set to begin in the 4th Qtr of this year, and culminate in 2016. I tell you right now “Brace for Impact” my friend, because the financial rug is being pulled out from under you.
    Your countries will suffer massive inflation, high unemployment, crushed economies, and 20-30% monetary devaluation.
    The authors of the “Stress Test” said the objective is to force borderline Banks to close up shop, but I believe the plan is far more nefarious in that they are looking to topple governments.

    I have obtained a copy of this plan, and I am telling you right now The entire world is in for a sh’t storm.

    Just prepare yourself……..

  5. Olinda says :Reply
    July 14, 2014 at 12:40 pm

    something’s got to give pretty soon, so I say we’re ready for the storm……bring it on and let there be a cleansing. There will be a few hurdles but we’ll pass the test…….being a citizen of a third world country, we have learned to adapt to dire condition and situations, not so the people of the west or Europe…..time they got a taste of their own medicine, for what goes around must come around and bite them in the butt 🙂
    It’s check mate !!!

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