Author Topic: The Irritating US (From France)  (Read 155 times)

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The Irritating US (From France)
« on: June 23, 2014, 06:25:49 AM »


Les Echos, France

The Irritating US

By Editorial

Translated By  Kim Wang

 16 June 2014



Edited by Lau­rence Bouvard

 France - Les Echos - Original Article (French)

Without demonstrating any extreme nationalism, a French person can be surprised by the $10 billion fine with which Attorney General Eric Holder has threatened BNP Paribas because of U.S. dollar transactions with countries that break American sanctions. Certainly, the Geneva branch of the bank has obfuscated transparency. However, by wanting to impose its national diplomacy on any kind of use of its currency — which itself is international — the U.S. runs the risk of irritating operators around the world.

 The approach of the American midterm elections, where we are going to accuse Obama of indulging the financial sector, and where it will be important to prove otherwise, can explain, it seems, the prosecutor's vindictiveness. But this explanation is too simple for such a major stake. American politicians have continued this indulgence, which will eventually end up disqualifying the status of their currency. As for the amount of the fine, it is a bit lower than the $13 billion once demanded of JP Morgan, one of the major banks responsible for the historic "subprime" crisis that disrupted the entire world.

 At the same time and on another front, that of Euro-American international trade, the great trans-Atlantic negotiation presents another legal uncertainty under the paradoxical pretext of normalizing trade. Besides customs duties, where the low rates lower the stakes, the two other points of negotiation are full of misunderstandings and disputes, which is good news for lawyers.

 This is the case with the standards — health, security, social, environmental — that allow for the protectionism in which America excels. And the picturesque idea of keeping legal disputes between the U.S. and businesses as purely private arbitrations is a thinly veiled attempt to question the (non-American) government sovereignty against the (generally American) business interests — all of this while greatly propping up (American) law firms, whose parasitism complements that of finance.

 The Americans definitely need to be thoroughly irritated for having become so irritating.


By Editorial

Translated By  Kim Wang

 16 June 2014



Edited by Lau­rence Bouvard

 France - Les Echos - Original Article (French)

Without demonstrating any extreme nationalism, a French person can be surprised by the $10 billion fine with which Attorney General Eric Holder has threatened BNP Paribas because of U.S. dollar transactions with countries that break American sanctions. Certainly, the Geneva branch of the bank has obfuscated transparency. However, by wanting to impose its national diplomacy on any kind of use of its currency — which itself is international — the U.S. runs the risk of irritating operators around the world.

 The approach of the American midterm elections, where we are going to accuse Obama of indulging the financial sector, and where it will be important to prove otherwise, can explain, it seems, the prosecutor's vindictiveness. But this explanation is too simple for such a major stake. American politicians have continued this indulgence, which will eventually end up disqualifying the status of their currency. As for the amount of the fine, it is a bit lower than the $13 billion once demanded of JP Morgan, one of the major banks responsible for the historic "subprime" crisis that disrupted the entire world.

 At the same time and on another front, that of Euro-American international trade, the great trans-Atlantic negotiation presents another legal uncertainty under the paradoxical pretext of normalizing trade. Besides customs duties, where the low rates lower the stakes, the two other points of negotiation are full of misunderstandings and disputes, which is good news for lawyers.

 This is the case with the standards — health, security, social, environmental — that allow for the protectionism in which America excels. And the picturesque idea of keeping legal disputes between the U.S. and businesses as purely private arbitrations is a thinly veiled attempt to question the (non-American) government sovereignty against the (generally American) business interests — all of this while greatly propping up (American) law firms, whose parasitism complements that of finance.

 The Americans definitely need to be thoroughly irritated for having become so irritating.
There is danger from all men. The only maxim of a free government ought to be to trust no man living with power to endanger the public liberty.
Public virtue cannot exist in a nation without private, and public virtue is the only foundation of republics. There must be a positive passion for the public good, the public interest, honour, power and glory, established in the minds of the people, or there can be no republican government, nor any real liberty: and this public passion must be superior to all private passions. John Adams


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