BoomBust lead story: Massive fines placed on foreign banks by the United States are garnering a lot of pushback from the international banking community. This comes after BNP Paribas agreed to pay the US government after conducting billions of dollars’ worth of business with Sudan, Iran, and Cuba. All of which, are not on America’s “good list.” But the curious thing about this situation: isn’t France supposed to be on America’s “good list”? Erin takes a look.
Then, we discuss the implications of US actions on both international finance and the status of the dollar as the world reserve currency. We talk to Dr. Paul Craig Roberts to get his view on dollar hegemony and the power wielded by the US government. After the break, we talk to Barry Eichengreen on his views about this situation.
And finally in today’s Big Deal, Edward Harrison and Erin talk about the 2014 BRICS summit. They look at how this meeting will affect international finance and the growing political power of these major emerging markets.