Is France breaking up with us?

[TheDan]

Yeah yeah, whatever France... They are obviously just mad about the sub deal, but they are probably leading all of the EU on this topic.

Clear Differences Remain Between France and U.S., French Minister Says (Published 2021)

Finance Minister Bruno Le Maire said the two countries remained at odds over China and various security issues, despite effective cooperation on overhauling the international tax system.

www.nytimes.com

There's a few things to unpack in this article...

“The United States wants to confront China. The European Union wants to engage China,”

lol what? From my perspective our government is bending over a spreading it's cheeks for China, so leading with this statement is quite fascinating.

The key question now for the European Union, he said, is to become “independent from the United States, able to defend its own interests, whether economic or strategic interests.”

This is interesting since it's coming from their Finance Minister. I think this is clear signaling that they intend to move away from USD as a reserve currency. We all knew this was coming with Basel3 putting gold on the same asset tier as USD, but I was assuming they were just going to delay it's implementation yet again. Another nail in the coffin for the petrodollar.

Finance ministers of the Group of 20 largest economies are expected to back an accord at the I.M.F. meetings as early as Wednesday, following a landmark deal last week by nearly 140 countries to create a 15 percent global minimum corporate tax...

Ah, there we go... No more sovereignty at all. Just one big happy global tax farm.

 

[JCC]

we are seeing other countries

 

[Moonpie]

Let’s go Brandon!

 

[oldag]

Hilarious. Europe hated Trump. After a short time with Biden, they wish they had Trump back.

Our Pacific/Asian allies are waking up to China's threat. Australia, India and Japan are getting downright friendly to the US.

 

[TheDan]

Our Pacific/Asian allies are waking up to China's threat. Australia, India and Japan are getting downright friendly to the US.

Yeah it's funny how the EU looks like they are getting ready to welcome their new Chinese minders.

Australia is in a bad spot as China already owns a huge chunk of their economy. That and all the authoritarian BS going on there right now I don't think much of them as an "ally".

 

[Antares]

Reminds me of an old song "Breaking up is hard to do" I don't really know how much France liked us even starting back with de Gaulle after WWII. They liked our money is all.

 

[Wolfwood]

We liked their money pretty fucking good back in the day so it seems fair.

They are pissed their revolution sucked after they paid for ours and it worked.

 

[VNK971]

We need to send John Kerry and James Taylor back over there to sing to them.

 

[jrbfishn]

Reminds me of an old song "Breaking up is hard to do" I don't really know how much France liked us even starting back with de Gaulle after WWII. They liked our money is all.

I think this is the first time I agree. As much as I hate to.
Most of Europe was more concerned with having our military and money since WWii. The Governments anyway. They think China is going to give them Political and Economic stability, which has always been shaky at best. Only different, unlike Russia, China is being a little more devious about eating them. Russia is like a wolf, it will let you know it wants to eat you. China is trying to get them into a position where they ask for it. And it seems to be working.
Been many years since I have been there but the people themselves were usually pretty decent.


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[majormadmax]

I worked with several French officers in NATO (SFOR and SHAPE), and found them to be consummate professionals.

However, like many say of the US, as a nation their politics suck.

I lived less than a half hour from France and made regular trips into that country over the three years I was there. Even has an ovious American, the French were kind and welcoming (as much as the French can be). For the most part they love Americans and our culture, but dislike our government.

Even during the invasion of Iraq in 2003, which most French strongly opposed; as an American visitor I was treated extremely well, unlike French tourists in this country.

Sadly, that country is being overrun by Muslims (same with Belgium), much more so than other countries in Europe. I suspect in a few generations they will be a majority and the political focus will become even more anti-American!

By the way, the United States provides no development assistance to France. The State Department provides a good history of our relationship with that country...

U.S. Relations With France - United States Department of State

More information about France is available on the France Page and from other Department of State publications and other sources listed at the end of this fact sheet. U.S.-FRANCE RELATIONS The United States and France established diplomatic relations in 1778 following the United States’...

www.state.gov

 

[GeorgeS]

I live by a few simple rules.

One of them is "**** France!"

 

[benenglish]

The key question now for the European Union, he said, is to become “independent from the United States, able to defend its own interests, whether economic or strategic interests."

That process should have started right after the Berlin Wall fell. NATO exists (almost totally) so that Europe and the U.S. can defend against an attack by the USSR through Eastern Europe, headed west. When the USSR fell apart, NATO needed to change to meet the new lay of the land. The US didn't really need to be a first-among-equals part of it anymore.

No, we shouldn't have walked away but the need for us to devote the same resources was no longer there.

Effectively, a reduced US role in NATO is the equivalent of the EU becoming independent. Yes, since it's the finance minister talking there are also market components having to do with trade relations but that stuff is already mostly set up.

Overall, then, I don't have a problem with the EU wanting to become independent from the US. More power to them in defending their own interests.

However, I don't think any of that means that...

I think this is clear signaling that they intend to move away from USD as a reserve currency.

...the USD is in any danger of being anything other than the reserve currency it is now.

Yes, the dollar has problems as a reserve currency but everything else out there is much, much worse. So what the heck would anyone switch to?

 

[Mowingmaniac 24/7]

Until they get in trouble...then it's help, help us U.S.....

We'll gladly pay our Nato fees 'now', honest, just bail us out... for the upteenth time.

 

[bbbass]

Yes, the dollar has problems as a reserve currency but everything else out there is much, much worse. So what the heck would anyone switch to?

Hasn't/isn't China working hard to establish the yuan as the reserve/global currency?? https://www.thebalance.com/yuan-reserve-currency-to-global-currency-3970465

 

[pronstar]

That process should have started right after the Berlin Wall fell. NATO exists (almost totally) so that Europe and the U.S. can defend against an attack by the USSR through Eastern Europe, headed west. When the USSR fell apart, NATO needed to change to meet the new lay of the land. The US didn't really need to be a first-among-equals part of it anymore.

No, we shouldn't have walked away but the need for us to devote the same resources was no longer there.

Effectively, a reduced US role in NATO is the equivalent of the EU becoming independent. Yes, since it's the finance minister talking there are also market components having to do with trade relations but that stuff is already mostly set up.

Overall, then, I don't have a problem with the EU wanting to become independent from the US. More power to them in defending their own interests.

However, I don't think any of that means that...

...the USD is in any danger of being anything other than the reserve currency it is now.

Yes, the dollar has problems as a reserve currency but everything else out there is much, much worse. So what the heck would anyone switch to?

There’s a push toward a global central bank to issue global digital currency, which leads to global taxation.

Methinks this is the end game.


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[majormadmax]

That process should have started right after the Berlin Wall fell. NATO exists (almost totally) so that Europe and the U.S. can defend against an attack by the USSR through Eastern Europe, headed west. When the USSR fell apart, NATO needed to change to meet the new lay of the land. The US didn't really need to be a first-among-equals part of it anymore.

No, we shouldn't have walked away but the need for us to devote the same resources was no longer there.

Effectively, a reduced US role in NATO is the equivalent of the EU becoming independent. Yes, since it's the finance minister talking there are also market components having to do with trade relations but that stuff is already mostly set up.

Overall, then, I don't have a problem with the EU wanting to become independent from the US. More power to them in defending their own interests.

However, I don't think any of that means that...

...the USD is in any danger of being anything other than the reserve currency it is now.

Yes, the dollar has problems as a reserve currency but everything else out there is much, much worse. So what the heck would anyone switch to?

Ben, good thoughts and I agree with you in principle; but the Russian threat to Europe is greater now than it ever was under the Soviet Union.

I've spent a great amount of time over the past four decades in the European theater both on active duty and as a contractor, and at no time did the opportunity for the US to "walk away" ever really exist.

The EU cannot survive militarily on its own and the expansion of NATO recognizes that fact.

That coalition has exceeded its original intent (the EEC only aimed to bring a common market and customs union among its six founding members: Belgium, France, Italy, Luxembourg, the Netherlands and West Germany).

The EU is a classic example of government overreach into individual's lives and privacy!

 

[Darkpriest667]

There’s a push toward a global central bank to issue global digital currency, which leads to global taxation.

Methinks this is the end game.


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[benenglish]

There’s a push toward a global central bank to issue global digital currency, which leads to global taxation.

Methinks this is the end game.

That is a disturbing thought.

ETA: It's disturbing because it might be right. Give me shudders just to contemplate it.

 

[benenglish]

Hasn't/isn't China working hard to establish the yuan as the reserve/global currency?? https://www.thebalance.com/yuan-reserve-currency-to-global-currency-3970465

The cited article gives 6 bullet points that have to happen before the yuan can become the global reserve currency. At least 5 of those 6 are transparently impossible. Even that article concludes that, best case, the efforts of the Chinese to promote the yuan may weaken the dollar but not displace it.

China is working toward that goal but they're not going to make it. Of course, they have to work toward that goal because their entire economy is built on a premise of infinite expansion. They're building the tallest house of financial cards ever constructed and when it falls there will be hell to pay. And while that's being paid, the scared money (and that means 99% of it) will flee to the US dollar.

 

[bbbass]

Of course, they have to work toward that goal because their entire economy is built on a premise of infinite expansion. They're building the tallest house of financial cards ever constructed and when it falls there will be hell to pay.

Sounds just like us in the good ol USA!!! Only, we are working on infinite debt economy.