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France’s New Political Cause: Protecting Its Biggest Bank From a Fat U.S. Fine
Jun 3, 2014 05:47:38   #
Nothing like encouraging all other countries to dump the USD.
"During his 2012 campaign, French President François Hollande described the world of finance as “my real enemy.” Now his government is under pressure to defend France’s largest bank, BNP Paribas (BNP:FP), against a potential $10 billion U.S. penalty for its alleged dealings with Iran and other sanctioned countries.

The right-wing National Front, which outpolled France’s two mainstream political parties in May 26 European parliamentary elections, today called on the government to “defend national interests” in the case. In a statement on its website, the National Front accused the U.S. of “racketeering,” in an effort to weaken BNP and aid its U.S. rivals. “We demand that the French government not stay idle,” the statement said.

U.S. authorities are seeking to impose the fine to settle criminal allegations that BNP transferred funds for clients in violation of sanctions against Sudan, Iran, and Cuba, according to people familiar with the investigation. France’s central bank has said the transactions did not violate French or European laws. The U.S. is claiming jurisdiction because the transactions were processed in U.S. dollars.

Reports of the penalty, which would roughly equal BNP’s annual profit, have stirred outrage in France. Writing today in Le Monde, columnist Jean-Baptiste Jacquin said the case illustrated “the imperialism of the dollar.” The center-right newspaper Le Figaro said the U.S. was making an example of BNP to dampen criticism that it had been “lenient with the American banks responsible for the financial crisis.” The magazine L’Express noted that banks involved in money laundering and tax evasion had paid much-lower penalties. “Is the U.S. hitting too hard?” the magazine asked.

French authorities haven’t discussed the case with their U.S. counterparts and view it as a legal matter that must follow its own course, three people familiar with the government’s position told Bloomberg News. Spokesmen for BNP declined to comment.

Lets see what will Hollande do next.....?

China getting ready to take over with the gold backed Yuan
"Chinese Weekly Gold Demand Highest Since Late February, 787 MT YTD

In week 21 (May 19 – 23) Chinese wholesale gold demand, measured by SGE withdrawals, was 36.4 metric tonnes, up 22.98 % from the week before. This is the highest weekly demand since week 9 (February 24 -28). 36.4 tonnes is just shy of the year to date weekly average of 37.5 tonnes. Chinese gold demand has been down in recent weeks from extremely strong in the first 9 weeks of 2014 to less strong in the last 12 weeks."

and Europe says F U back.
EU puts third round sanctions against Russia on pause
Published time: May 28, 2014 12:20
Edited time: May 28, 2014 13:27

The European Union is to delay further sanctions against Russia, as Moscow signaled it is ready to cooperate with Ukraine’s likely President Petro Poroshenko.

New sanctions were discussed, but not implemented at Tuesday’s informal summit of EU leaders and government officials in Brussels, ITAR-TASS reports. Previously European Commission leaders said they would impose a third round of sanctions against Russia if it interfered in the Ukrainian election on May 25.

On Monday, Russian Foreign Minister Sergey Lavrov signaled that Russia is ready for dialogue with Ukraine’s new President -elect, Poroshenko, who currently leads the polls.

"The possibility of de-escalation is here, finally," French President Francois Hollande told reporters after the summit ended, Bloomberg reported.

Holding off on sanctions is the EU’s response to Moscow’s apparent willingness to work with those newly elected in Kiev, as well as pulling back troops from Ukraine’s border to de-escalate the situation.

"But we still need this strict reminder," Hollande said.


Wonder how thos presidential elections are going in Syria today. My guess is Assad is winning and Washington is losing the puppet candidate vote.

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