Originally posted by ConSigCor:
...Right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts.
This gives the US government an incredible amount of power… power they haven’t been shy about using over the last several years.
2014 was one of the first major watershed moments when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US doesn’t like– namely Cuba and Iran.
It didn’t matter that this French bank wasn’t violating any French laws.
Nor did it matter that only months later the President of the United States inked a sweetheart nuclear deal with Iran and flew down to Cuba to attend a baseball game with his new BFFs.
BNP had to pay up. A French bank paid $9 billion because they violated US law....
So, U.S. banks are losing business in the international marketplace because of government interference. Who woulda thunk it?
Competing currencies are a
good thing. Either the U.S. will get its act together, or it will continue to lose market share to other countries who, paradoxically, value a free market in banking. There's a lesson in there.
Onward and upward,
airforce
