investigation into b.m.p. perry by which they might find the ten billion dollars may encourage companies to stop using dollars in international transactions he said quote we can say that companies would have maximum interest to do the most possible transactions in other currencies neuer who is also a member of the european central bank's governing council said yesterday on b.f.m. television trade between china and europe do it in euro's do it in remember stop doing it in dollars this is an affair that will leave marks yeah that's right the countries around the world are getting out of the u.s. dollar and we're saying we're more well the petro ruble is here you know you got the big russia and china gas deal which is going to be done in something other than dollars now that's my understanding and you have an offramp saying that french companies like big toe tell the big energy company they don't need to trade in dollars do deals and dollars people won out of the dollars of the extraordinary privilege or the extr

from its traditional allies of course we had the french bank b.m.p. pathfinder nearly nine billion dollars then it was commerce bank it's thought we find hundreds of millions for breaking u.s. rules now what does this mean for the u.s. could it mean they are seeing themselves from to dish no part as well as an expert right now i'm joined by on the clock from to me this all this investment bank on both of the air thank you for joining me today some a rather glorious moscow gordon ok do tell me we got a bit of a stroll i think is the u.s. alienating itself is it right to be enforcing such huge fines the european banks and actually all the banks in the world. stuck to the u.s. dollar you know they have just no choice they have to apply it to a bite on one hand to their home rules and regulations in europe for me and switzerland as far because the space in the subsidiary of b.m.p. was involved as well and on the other hand they have to avoid to respect the international order the u.s. regulations in all in this case you know it was something which was. un

find for b.m.p. so here again this is french policymakers on an e.u. level forcing the u.s. off the dollar and the europeans off the dollar and remember when when they take action they tend to really take action so whether it's you know these force and google to remove any references to their own citizens well we're living in an era of the globalization globalization peaked a few years ago and now things are being balkanized as this term is used sometimes or d. globalization is taking place and there's a lot of factions are opening up internet scene in warfare is breaking out and folks are getting out of the u.s. dollar because they realize it's a toxic currency of the global gemini that offers nothing on the up side and only subjugation and humiliation in the downside nobody wants that anymore and there's no there's no i mean china i mean they're there they're willing to take hollywood movies just because chinese officials are open again to the paths of scarlet johannsen but other than that nobody frickin wants the dollar nobody wants all the what nobody wants the american

well i think what is sucking is that the french authorities either were unaware of what b.m.p. probably bought was doing or they looked the other way either way it doesn't reflect well on the quality of european supervision and regulation of the financial system we know that banks are in the business of making money and moving money and it's that the role of the regulator the role of the supervisor to be sure that they they do so in in socially constructive ways so the financial crisis was one reminder that banks can be weapons of mass financial destruction and i think this affair is another reminder now very the u.s. is perhaps the only country in the world to have imposed sanctions and then find a major bank from an allied country for violating those sanctions now because the u.s. dollar is the world's major reserve currency what impact will be as kinds of fines have on the u.s. reserve currency status if any at all. i think very very limited impact the reason that the united states is the only country to use these kind of financial sanctions is that the dollar has the exorbi

from its traditional allies of course we had the french bank b.m.p. power about fines nearly nine billion dollars then it was commerce bank it's thought we find hundreds of millions for breaking u.s. rules now what does this mean for the u.s. could it mean they are a rare thing themselves from traditional partners what is the us an expert right now into a buy on all of the cloth from to me this oldest investment bank on birds of the air thank you for joining me today because some a rather glorious moscow would be ok do tell me we can have a bit of a stroller take is the u.s. alienating itself or is it right to be enforcing such huge fines the european banks and actually all the banks in the world all stark to the u.s. dollar you know they have just more choice they have to apply it to avoid on one hand to their home rules regulations in europe for. us bob because the. i'm a subsidiary of b. and q. was involved as well and all the other homes they have to abide. to respect the international order the u.s. regulations yeah although in this case you know

the europeans are saying enough is enough and the first headline is from france france's neuer says b.m.p. may prompt shift away from dollar so this is the bank of france governor christian noir and he said that the u.s. investigation into b m p perry by which they might find the ten billion dollars may encourage companies to stop using dollars in international transactions he said quote we can say that companies would have maximum interest to do the most possible transactions in other currencies neuer who is also a member of the european central bank's governing council said yesterday on b.f.m. television trade between china and europe do it in your rows do it in remember stop doing it in dollars this is an affair that will leave marks yeah that's right the countries around the world are getting out of the u.s. dollar and we're saying we're more well the petro ruble is here you know you got the big russia and china gas deal which is going to be done in something other than dollars now that's my understanding and you have an offramp saying that french companies like big toe tell the big e

international banking community now this comes following the nine billion dollar fine that french bank b.m.p. perry boss has agreed to pay the u.s. government after conducting billions of dollars worth of business with sudan iran and cuba all of which are not on america's good list no they're not but the curious thing about this situation is that france france is supposed to be on america's good list aren't they but important ally in fact there is another u.s. ally currently being slapped with fines by banking regulators as well german commerce bank the german bank has been accused of conducting business with an iranian state sponsored shipping firm and could be forced to cough up between six and eight hundred million dollars in order to resolve investigations into its compliance with u.s. sanctions now over the past five years over half a dozen foreign banks have settled with u.s. authorities over sanctions violations to the tune of more than twelve billion dollars again these are not u.s. banks they're foreign banks back in two thousand and twelve british lender standard chartered was accu

dollar after america forced the b.m.p. part of a bank to pay and nine billion dollars fine for not abiding by various u.s. imposed sanctions and french economists shaq's appear agrees that washington set a dangerous precedent with its had. actually is a problem is not the amount of money is that the french bank is to put to the u.s. government what is actually a streak use the possibility for us nonresident for people in to the united states to use the u.s. dollar the problem is risk the straight to be fine all too common in. the u.s. to wriggle asian then everybody will be a true risk if it uses the u.s. dollar for any transaction to world now size offers financial institutions little safety against u.s. authorities germany's second largest bank commerzbank is now facing america's wrath for involvement in deals with countries on washington sanctions list potential penalties for the banks start up five hundred million dollars well america's dominance of global markets is underwritten by the dollar been the most traded curr

of currencies for global payments this comes after america slapped a nine billion dollar flying on b.m.p. party bank for helping countries avoid sanctions investment broker and financial common satre shift says the u.s. currency is far from the perfect global currency of choice i think the united states is very dependent on the rest of the world it's just incumbent on the rest of the world to figure that out but the u.s. dollar is still functioning as a reserve currency and so the dollar is a part of a lot of transactions but there really is no reason for the dollar to be at the center of these transactions because the dollar shouldn't be the reserve currency of the united states doesn't share any of the characteristics that it had when the dollar became the reserve currency it's just a matter of time before it no longer functions as a reserve currency and i think the more we antagonize the rest of the world with the spying or with these huge fines on foreign banks the quicker that process is going to be to unravel. the latest targets of the u.s. financial machine is germany's second lar

international banking community now this comes following the nine billion dollar fine that french bank b.m.p. perry boss has agreed to pay the u.s. government after conducting billions of dollars worth of business with soon.

has launched a financial attack and b m p because b.m.p. is a bank that the america banking system would like to grab those assets so they gave a nine billion dollar spine based on extremely thin claims about doing business with iran now america's going after deutsche bank for the same reason because of course they don't want germany and russia to come together and fight off the america britain. lie that they have going on over there in ukraine so of russia and germany aligned of course that would be a game ender for the america u.k. ukraine fandango so now america is saying ok deutsche bank we're going to put you out of business we're going to cut the dollars off from your derivatives we're going to try to take deutsche bank down which of course they could take deutsche bank down so he goes on to say despite the high p. e. ratio and despite the low trading volumes investors can't quite stop themselves from investing because they believe that the fed will step. and right now professor michael dempster he quote says i would be extremely wary

international banking community now this comes following the nine billion dollar fine that french bank b.m.p. perrie boss has agreed to pay the u.s. government after conducting billions of dollars worth of business with sudan iran and cuba all of which are not on america's good list no they're not but the curious thing about this situation is that france france is supposed to be on america's good list aren't they pretty important ally in fact there is another u.s. ally currently being slapped with fines by banking regulators as well german commerce bank the german bank has been accused of conducting business with an iranian state sponsored shipping firm and could be forced to cough up between six and eight hundred million dollars in order to resolve investigations into its comply. once with us sanctions now over the past five years over half a dozen foreign banks have settled with u.s. authorities over sanctions violations to the tune of more than twelve billion dollars again these are not u.s. banks they're foreign banks back in two thousand and twelve british lender standard chartered was

has launched a financial attack and b m p because b.m.p. is a bank that the america banking system would like to grow. yeah those assets so they gave a nine billion dollar fine based on extremely thin claims about doing business with red now america is going after deutsche bank for the same reason because of course they don't want germany and russia to come together and fight off the america britain. lie that they have going on over there in ukraine so of russia and germany alone and of course that would be a game ender for the america u.k. ukraine fandango so now america is saying ok deutsche bank we're going to put you out of business we're going to cut the dollars off from your derivatives we're going to try to take deutsche bank down which of course they could take to your bank so he goes on to say despite the high ratio and despite the low trading volumes investors can't quite stop themselves from investing because they believe that the fed will step in and they believe that it will have to happen and right now professor michael dempst