France Assures Push Against Petrodollar Is Not A "Fight Against Dollar Imperialism"

Tyler Durden's picture

To complete the French triple whammy offensive against the US Dollar this weekend (first, French central banker Noyer suggesting de-dollarisation; second, French oil major Total's CEO "seeing no reason for the Petrodollar"), French finance minister Michel Sapin says "now is the right time to bolster the use of the euro" adding, more ominously for the dollar, "we sell ourselves aircraft in dollars. Is that really necessary? I don’t think so." Careful to avoid upsetting his 'allies' across the pond, Sapin followed up with the slam-dunk diplomacy, "This is not a fight against dollar imperialism," except, of course - that's exactly what it is... just as it was over 40 years ago when the French challenged Nixon.

Nope - no anti-dollar-imperiliasm here at all...

Single whammy:


Here is the full google translated segment:

Q. Doesn't the role of the dollar as an international currency create systemic risk?


Noyer: Beyond [the BNP] case, increased legal risks from the application of U.S. rules to all dollar transactions around the world will encourage a diversification from the dollar. BNP Paribas was the occasion for many observers to remember that there has been a number of sanctions and that there would certainly be others in the future. A movement to diversify the currencies used in international trade is inevitable. Trade between Europe and China does not need to use the dollar and may be read and fully paid in euros or renminbi. Walking towards a multipolar world is the natural monetary policy, since there are several major economic and monetary powerful ensembles. China has decided to develop the renminbi as a settlement currency. The Bank of France was behind the popular ECB-PBOC swap and we have just concluded a memorandum on the creation of a system of offshore renminbi clearing in Paris. We have very strong cooperation with the PBOC in this field. But these changes take time. We must not forget that it took decades after the United States became the world's largest economy for the dollar to replace the British pound as the first international currency. But the phenomenon of U.S. rules expanding to all USD-denominated transactions around the world can have an accelerating effect.

In other words, the head of the French central bank, and ECB member, Christian Noyer, just issued a direct threat to the world's reserve currency (for now), the US Dollar.


Double whammy:

  • Total’s de Margerie Sees No Need for Dollars in Oil Purchases

Oil major Total's chief executive Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

So even a major beneficiary of the status quo appears to see the end in sight for the Petrodollar.

And now The Triple Whammy


French Finance Minister Michel Sapin says that now is the right time to bolster the use of the euro in transactions outside the U.S. Sapin speaks in an interview with Bloomberg News in Aix-en-Provence, France.

“We sell ourselves aircraft in dollars. Is that really necessary? I don’t think so,” Sapin says, adding "I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade."


“We can avoid the exchange rate risk, and that’s always useful. We can diminish financing costs in pricing more in other currencies,” Sapin says.


“This is not a fight against dollar imperialism,” Sapin says.


“It’s up to Europe, to the euro zone in particular, to lead this argument,” Sapin says.


As The FT reports, Mr Sapin said he would raise the need for a weightier alternative to the dollar with fellow eurozone finance ministers when they meet in Brussels on Monday, although he declined to go into detail about what practical steps might emerge.

As we showed only yesterday...(and have ever since 2010)... nothing lasts forever

Meanwhile, somewhere Putin is still laughing.

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rehypothecator's picture

When the issue is important, you have to lie. 

So Close's picture

The French have a long history of saying exactly what they mean.

Hugh G Rection's picture

Might have to send France some democracy.

Hugh G Rection's picture

How can you tell a Frenchman is in the military?

He has sunburned armpits.

BaBaBouy's picture

Ole Tricky Ricky Dick Pulls Out The GOLD Standard Guarantee From Under Us...

ALL Keynesians Bow To You... Thanks Big Dicky...

Tabarnaque's picture

Just like in 1965 when De Gaulle asked to be paid in gold, not in paper US dollar. From time to time France does bring some very positive contribution to the world history. Vive la France for this one!

De Gaule, l'Or et le Dollar.
Lea's picture

French President De Gaulle, back in the sixties, called the dollar "funny money" and said he didn't want any of it.

Wasn't he right.


Hugh G Rection's picture

How was copper wire invented?

2 Khazars found the same penny.

bbq on whitehouse lawn's picture

The joke works with any nationality.
So do these:
How was a pretzel invented, and Irish man tried to write his name in dough;
if he was polish he would still be at it.
How was the light bulb invented a ____ swallow gum, soda and poprocks; the florecent light was invented shortly after.

TeamDepends's picture

"Eeeeediote!"  Would have been funnier.

Bingo Hammer's picture

How can you tell if an American is in the army?

He has no idea why and for whom he's fighting an insane bunch of MF's for a dirt heap in the middle of nowehere

Suffers from acute PTSD

Has been injected with all kinds of chemical experiments called "innoculations"

Is sent to regularly patrol mammoth poppy growing fields for the CIA

Handles depleted uranium rounds nearly everyday

Is thieved of all benefits and health assistance upon returning home

Is one really messed up puppy but still salutes the Fuhrer in the White House

Now works for a private mercenary army blowing up all kinds of shit whilst ensuring heavy casualties...

God Bless today's American soldier 


How many Frenchman does it take to defen Paris against the Germans?

None, its never been tried

Bruno de Landevoisin's picture



Russian casualties  WW I & II - 15 million


French casualties WW I & II - 2 million


USA casualties  WW I & II - 600K


Moral of the story:  Johnny come latelies to both conflicts..........Glorified Gringos finally showed up after the outcome of both wars was largely predetermined.  

Money Squid's picture


"Johnny come latelies to both conflicts..........Glorified Gringos finally showed up after the outcome of both wars was largely predetermined."

Do you think it was an accident the gringos "finally" showed up? After sitting out letting the french, english and russians take a beating, giving just enough supplies, equipment and intelligence to let the germans, english, french and russians grind themselves down so the US would be the only major military power after the war? The US industrialists played it just right so that the US would come out on top after the war. The A-bomb was just a cherry on top.

Bruno de Landevoisin's picture

No, I think you have it dead right.  Having said that, you should probbaly consider losing the "glorious saviors of the free world" USA! USA! USA! pompom routine, it's rather unseemly, don't you think?

The Merovingian's picture

Q: Why does the US President always have to stay near a phone on the 4th of July?  


A:  Because after the big fireworks show over the U.S. Capitol the French always call to surrender.


Now, before you get all bent out of shape, just remember that we love your fries.  :-)

Bruno de Landevoisin's picture

I doubt we would be too alarmed by any fireworks display over Washington, seeing as we designed your capital city......:-)

Lea's picture

The Merovingian, let me do this one again.

Q: Why does the US President always have to stay near a phone on the 4th of July? 
A:  Because he thinks the big fireworks over the US. Capitol might be an interior security terrorist threat.

All Risk No Reward's picture

Get real...  if it was a security threat the FBI would have apprised him of their low IQ moron that they provocateured into action...  like the guys who were convinced to try to blow up the World Trade Center with a truck bomb on behalf of the FBI in 1993...


Tapes Depict Proposal to Thwart Bomb Used in Trade Center Blast There is a lot on this subject - research it yourself...  you can hear the actual tape of the provocateur complaining to hs FBI contact that they, the FBI, was crazy for providing the bomb materials to those being provoked by the FBI...  the provocateur said that fake bombing materials would suffice to get the arrests. Once he realized the FBI was providing real bomb materials, the informant realized he was being set up by the FBI because they really wanted to bomb the towers...  he got an attorney, started recording telephone calls and removed himself from the situation lest he be framed alongside the low IQ morons who were provoked to actually drive the FBI bomb to the World Trade Center. If you didn't know, now you know - and there is a reason why the major media sued to enshrine their right to lie to you under the guise of "news." Unsettling Accounts (Indeed!)
Money Squid's picture

Let the gringos bask in the light a little longer, a long cold winter is coming.

Bruno de Landevoisin's picture

The Battle of Verdun was the longest of the war, lasting from February 21, 1916 until December 18 of the same year. The battle started after a plan by German General Erich von Falkenhayn to capture Verdun was executed, but after a few weeks, the battle had become a series of local actions. For the French, the battle signified the strength and fortitude of the French Armed Forces. Many military historians consider Verdun the "most demanding" and the "greatest" battle in history. 



It was Rochambeau who joined with Washington to press the campaign of 1781 against Cornwallis' forces at Yorktown, with the assurance that the French Navy would be on station to support the armies. While Rochambeau's fellow countryman, the able Admiral de Grasse, defeated the British fleet off the Virginia Capes, 10,000 French and American troops marched toward the final battle at Yorktown. When Cornwallis and his beleaguered army capitulated, General Rochambeau insisted that the surrender be made to the American forces. Nevertheless, without Rochambeau and his troops and the French Navy, the last great victory in the American struggle for independence, Yorktown, would not have been possible.

BigJim's picture

What???? You question the myth of American revolutionary invincibility? Shame on you!

All Risk No Reward's picture

Bd, I have to apologize for the ignorati.

The common French people were thrown under the bus by the Vichy French...  they cut a deal in order to retain power for the ruling elites in France.

The average person on Earth has no idea that the common American has been sold down the river IN THE EXACT SAME FASHION...  but throw Debt Money Subterfuge.


uzBANKSTERstan runs America like the Germans ran the French government...  except worse.  The French probably had more autonomy as the Germans were spread pretty thin.

All common people are screwed as long as our mind share is pitted against each other...  the mind control of the criminal oligarchs is very, very good.  Or, if you will, their scientificly engineered perception management programs designed to pit your own tribalism in ways inimical to your ongoing future.

Keep your eye on the Big Bad...  hint, the Big Bad is BIG!

Debt Money Tyranny

Stoploss's picture

===========================FUCK FRANCE===============================


We should send their people back to them since the dollar seems to be becoming a racist currency no? After all, the Euro is the currency of choice since we are bailing them out along with everyone else.  Bad, bad, dolla...

Bruno de Landevoisin's picture

Where is the memorial in Washington for the thousands of sailors in the French Navy who died for US Independence at the battle of the Chesapeake, and for the thousands of French infantry soldiers led by Comte de Rochambeau - more than half of the fighting troops at the decisive battle of Yorktown?

COSMOS's picture

The French may just yet help get our independence back again by burying the dollar.  There wont be money anymore for all those NSA servers and offshore military bases, and we will have to clean house or the redcoats working for the House of Rothschild.  We are always fighting some kind of monarchial system in our history.

All Risk No Reward's picture

I respect all the good people of France... the rest can pound sand...  The good people of France rock.  The bad folks are a problem.

BTW, this is true OF EVERY COUNTRY.

Those people who can't control their tribalism / emotions / insecurity ARE A MAJOR PART OF THE PROBLEM!

The Money Power is the Big Bad...  they are Predators of both the French and Americans...  and everyone else outside their Big Club that we ain't in, as George Carlin said in his typical style.

Martin Luther King was right - it is all about THE CONTENT OF CHARACTER OF THE INDIVIDUAL.  Respect it or bask in ignorance that is being used to hurt you and yours badly.

All Risk No Reward's picture

Oh, unlike the average American (or anyone on this Debt Money Power forsaken planet), at least napolean knew who the h*ll he was up against...

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”

Not that Napolean was anything other than a megalomaniac tyrant and oppressor of the common person, but at least he had the brains to figure out WHO WAS RUNNING BRITAIN!

nathan1234's picture

So where are you from Stoploss- Greece maybe !

Wanna go back there

After all America belongs to the Red Indians


Bruno de Landevoisin's picture

You may want to rethink that Gringo, without the frogs you wouldn't be celebrating your independence this weekend.


Read some history, please, and forget the propaganda.


80% of the Whermacht was defeated by the Russians, not by the Western allies.  Hitler lost the war in 1941 in Russia.  The US/UK invasion of Normandy was only trivially related to defeating the Wehrmacht, but was required to prevent the Red Army reaching Normandy first.

I don't mean to diminish the US effort, but the only Americans to be honored, is the average Joe who went to fight that particular war overseas, certainly not the "elites".   Having sold arms and munitions to both sides, the US only showed up to pick over the corpse of Europe for its own ends.


Guess who helped Hitler get into power?

If you answer "the American corporations and Wall Street", you win.

BigJim's picture

 I don't mean to diminish the US effort, but the only Americans to be honored, is the average Joe who went to fight that particular war overseas...

Oh no! Even now, half a century later, the average American couch-potato is JUST as entitled to lord it over the French. It's manifest destiny... ahhh... or something.

Anyway, we're the freest country in the world! So there.

BudFox2012's picture

Correction.  The Germans defeated themselves.  They thought of nearly everything EXCEPT developing a long range heavy bomber and to be prepared for a winter campaign.  Had they done that, Russian industry on the other side of the Urals would have been decimated and the misery of the eastern front would have been lessened.  They also would have made quick work of England as well.  To be honest, the world hadn't seen an armed force so technologically and tactically superior since the Romans.  I think historian still wonder at how they lost that war.

But your point on the US is well taken.  The balance of the land war was fought on the eastern front, and essentially was decided at places like Stalingrad.  The US spent most of its resources building ships just to get over there and planes to launch an air campaign with.

Money Squid's picture

" EXCEPT developing a long range heavy bomber and to be prepared for a winter campaign... They also would have made quick work of England as well.

Not sure Bud, as I understand it England had the first, but crude, integrated air defence network. The Germies saw the radio towers and bombed some, but did not fully comprehend their purpose. Also, consider Hitler did not put Germnay's economy on a full-time war footing until the battle for England's skies was lost, and he lost most of his military in Russia. In addition, the English broke the German code and once Hitler invaded Russia it was just a matter of time. Besides, if Germany stayed in the war a bit longer who would have received the gift of the first atomic bomb? Germany or Japan? The US had enough material for only three (two plutonium and one uranium). After that, the US was out of material for months. But, The US invested in the development of a massive nuclear weapons material production industry and was racing to crank out enough material for dozens of nuclear weapons. The end for the Germans and Japanese was coming one way or another.

hoos bin pharteen's picture

And the Soviet Union was given material and lots of oil to fuel the war effort by... the USA. Russia bled the most, but without the US, the outcome would have been a lot uglier.

nathan1234's picture

First think of screwing those running and ruining the US

But i guess you are all gas


ross81's picture

yes, we'll smoke em out of their cafes and liberate em from that dangerously laissez faire attitude towards prostitution.

Winston Churchill's picture

La Force da Frappe may stop the dropping of freedom bombs on France.

Anyways,they are white(mostly),and have no oil.Their ICBM's may not surrender.

Antifaschistische's picture

The aircraft analogy strikes at the heart of this matter.   It really isn't the's the fact that the US no longer makes much that the world wants.   Which leaves dollar holders asking "what am I suppose to do with this dollar thing?"

It wasn't this way when most of the tractors plowing the fields of Africa came from the US, or when the US exported rugs all over the world, (thousands of more examples)....but now, there are no more options for the dollar collectors.  The only thing left to do with the dollar is to buy oil/gas.  Which is a darn big incentive to have a few laying around, but Russia, China, Iran, etc...will continue to chip away at that strength.

Then...the US will change dramatically.   

SWRichmond's picture

Perhaps those useless dollars will come rushing home...

Antifaschistische's picture

the big flush....God help us all then

RebeccaRiots's picture


Vive la France.

BTW Send my regards to Victoria Nuland.



TheReplacement's picture

Wouldn't it be ironic if they sold us those two carriers for dollars and then we used them to deliver the godo news.

But at least France is good for something.  Besides challenging bogus US positions I have no other use for them.

Bruno de Landevoisin's picture

You may want to rethink that Gringo, if it weren't for the frogs you wouldn't be celebrating your independence this weekend.

TheReplacement's picture

They only helped us in order to hurt the British.  Heck, we almost went to war with France right after the revolution but they don't teach that in school anymore I think.  Any way, their assistance was pretty much intended the same way this country seems to be trying to help people in countries friendly or near to Russia now.

They weren't in it for humanitarian reasons and neither are we. 

Analyse2's picture

Also the Americans didn't even think of "saving the French" in WW2, they came to Europe because it was better to fight their enemy in Europe than in America ... but they liberated nonetheless. ... And nonetheless most Fench are still grateful for that.

The French do have faults, but they understand symbols:  American representatives are invited every year to the memorial in Normandy for the remembering of D-Day June 6, 1944.

… On the other hand I have never heard that French representatives were formally invited to the celebrations of the Yorktown victory (where half of the fighters were French soldiers led by the Comte de Rochambeau), or at the 4th of July celebrations …