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  • France’s Noyer Says BNP May Prompt Shift Away From Dollar

    From bloomberg.com

    Bank of France Governor Christian Noyer said the U.S. investigation into BNP Paribas SA (BNP)’s dealings with sanctioned nations may encourage companies to stop using dollars in international transactions. “We could say that companies would have maximum interest to do the most possible transactions in other currencies,” Noyer, who is also a member of the European Central Bank’s Governing Council, said yesterday on BFM television. “Trade between China and Europe -- do it in euros, do it in renminbi, stop doing it in dollars. This is an affair that will leave marks.” Noyer’s remarks are the strongest yet ... (full story)

Nice!

Lets do it now!

That can't happen in short term. Countries Reserve are in USD. What will happen if 25 pct of those countries shift their reserve to Euro and Renminbi?

And remember companies have to pay to fix their computers systems, payment, and accounting. And trades that are usually done in USD, suddenly become a lot different.

And way of thinking and communication.

It's like when metric systems are changed from inch, feet to metres , etc.

What chaos will it make? It's already painful to shift from franc, DM, etc to Euro. Now, they have this crazy idea to make everybody use Euro. They have to keep their craziness to themselves atm.
Quoting frx_trader
That can't happen in short term. Countries Reserve are in USD. What will happen if 25 pct of those countries shift their reserve to Euro and Renminbi?

And remember companies have to pay to fix their computers systems, payment, and accounting. And trades that are usually done in USD, suddenly become a lot different.

And way of thinking and communication.

It's like when metric systems are changed from inch, feet to metres , etc.

What chaos will it make? It's already painful to shift from franc, DM, etc to Euro. Now, they have this crazy...
No, it's not that difficult - this is not a country changing it's dominated currency, but the way it does international trade ... Russia already is doing it slightly with china!

But, this will be like someone declared war on United states and it's precious Dollars.
As for the companies paying bills, or services - there are far more options to this problem, one of them is fixed annual rate.
The Financial Times reported today that U.S. corporations are using the ... China's renminbi is rapidly displacing the US dollar as a trading ...

http://blogs.ft.com/beyond-brics/201...s-home-market/
looks like one is getting out of order when their idea is to reach One World Order...huh!
http://online.wsj.com/news/articles/...84531422336230
http://www.wantchinatimes.com/news-s...00074&cid=1102
http://cib.shangbao.net.cn/305/2014/0106/250707.html
Quoting Vachus
No, it's not that difficult - this is not a country changing it's dominated currency, but the way it does international trade ... Russia already is doing it slightly with china!

But, this will be like someone declared war on United states and it's precious Dollars.
As for the companies paying bills, or services - there are far more options to this problem, one of them is fixed annual rate.
Not difficult, but painful. What is unemployment rate in EZ? What is unemployment rate in Germany?
Quoting frx_trader
That can't happen in short term. Countries Reserve are in USD. What will happen if 25 pct of those countries shift their reserve to Euro and Renminbi?

And remember companies have to pay to fix their computers systems, payment, and accounting. And trades that are usually done in USD, suddenly become a lot different.

And way of thinking and communication.

It's like when metric systems are changed from inch, feet to metres , etc.

What chaos will it make? It's already painful to shift from franc, DM, etc to Euro. Now, they have this crazy...
There is a world that exists outside of 'murica. Supply and demand. If one makes it difficult to do business with, one soon finds no one to do business with. If one sanctions too many participants, those participants find ways to trade without the hassle of the one. It's a no brainer. There are other companies, and other professionals, that can build computers, communications, transport materials. Somehow 'murica's elite manages to think the world cannot survive without them. It has before, it will again.
It's just stupid talk as retaliation against the huge fine imposed on BNP. BTW, serves them right. Karma is a bitch, Jerome Kiervel must be celebrating.
Anyhow, if they are stupid enough to do this, well the bank will be Noyer (sunk).
(Not a good name for a banker)
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  • Posted: Jun 12, 2014 9:41am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 11  /  Views: 2,378