These two are just as bad as that idiot Miachupacabra:
Instead of – or along with, outrage – let me propose another reaction for French companies: Compliance. Specifically, I propose that French business leaders equip their companies to succeed in the international economy. French companies involved in cross-border transactions know, and have now seen, that they will have to play by rules set by parties outside of l’Hexagone. The U.S. sanctions regime, overreaching or not, is a reality. Sophisticated sanctions such as prohibiting U.S. Dollar clearing on sanctioned country transfers, are a reality. French companies, like all others reaching into the global marketplace, can greatly benefit by understanding and preparing for such foreign regulations. By looking outward, understanding the terrain, and planning to navigate within the applicable legal framework, companies can continue to grow and prosper without risking violations – particularly violations that are so enormously costly to company and country
This use of Sanctions by the US as a means of fighting war another way, is just hastening the day when the tool will no longer be effective.
Treasury’s War: The Unleashing of a New Era of Financial Warfare
The US’s dollar domination is coming to an end
and this from BBC
Bank of England names London Chinese currency clearing hub
Ya- I didn’t really get it either. BNP is to be punished because it did business with countries that USA had sanctions against. But whats that got to do with anything? USA is USA and France is France.
Words of Simon Black, BNP didn’t break a law, it broke an executive order:
“BNP’s bank in Geneva stands accused of financing deals with Iran. Never mind that it’s perfectly legal for a bank in Switzerland to do business with Iran. Iran, after all, is one of Switzerland’s largest trading partners in the Middle East.
The issue is that BNP violated a 2012 -executive order- from Barack Obama (#13622) that requires non-US companies to enforce US sanctions.
The arrogance is really overwhelming. This isn’t even an actual law. It’s just an executive order– a royal decree from King POTUS, first of his name.
And even if it were an actual law, on what possible grounds could the US government claim jurisdiction to regulate foreign banks? None. But this doesn’t stop them from doing so. “
Stop using USD pure and simple.
@Polly
Haven’t u heard… all US laws are the only ones that count…. other countries’ laws… don’t mean jack. That is why I don’t get it… Swiss banks obeyed the laws in their country… yet they are slammed with fines in the US?? Some may have been bad… majority banks was business as usual…. obeying their laws… all countries who drive on the left side… start writing them tickets… they are breaking US laws
The paternalistic, condescending tone of these two is laughable. I have a message for them…….BITE ME! I can still remember my then good days in Old USA meeting people with such arrogance. In fact it’s part of the reason I moved to a kinder, gentler country. I’m with the other commentators here. I can’t wait to live in a world where the US$ is no longer dominant, and I can live a normal financial life in my country of choice, where nobody gives a damn about FATCA any more.