How much the dominance of Wall Street can be used to protect own interests of US corporations shows the exorbitant record fine against the French bank BNP Paribas. Of course, the punishment is totally legal, same as the actions of BNP were illegal - finally BNP had agreed to the conditions when it started its business activities under the jurisdiction of the United States. It depends to as one's own view is and on how the lobby power of financial institutions is instrumentalized.
Nevertheless, if this does not open the view on dominance by the U.S. $, then what? Its at least crystal-clear how much it is necessary to strengthen the euro as an international currency! The attacks on the euro during the past few years by so-called "rating" agencies that operate also in Wall Street have their origin precisely because of the dominance of the U.S. $ in the international payment system. And keep in mind: Iran, China and Russia have no problem to get paid for their goods in Euros. On the contrary! And then Europe there are "useful" sanctions which are convenient for US cooperations and financial institutions. Europe is acting like a puddle when it is coming to all kind of sanction, Russia, Iran you name it. Important is what is useful.
So what was so bad: The Bank did transactions, in particular on behalf of Chinese companies, money to other companies - mainly in the oil sector - in other states, in dollars. Well thus transfers had to go through a U.S. clearinghouse, and they fell then under U.S. law.
In consequence the justice authorities accuse BNP Paribas to have enabled these countries in question to have access to the U.S. financial market, and afterwards to have the tracks blurred. "And when they were contacted by prosecutors, they have decided to not fully cooperating," said the Deputy Minister of Justice James Cole. So, first bugging of BNP's internal business communications by NSA among other snooping agencies shows exactly what is at stake: control of business interests. To assert BNP "had not fully cooperated" is quite cheeky, to say this mildly.
Who, like the U.S. is suppling some feudal Tribes in the Middle East, among others those Wahhabi terrorists with missiles, tanks and fighter jets, which can then be passed on directly to Jihad terrorists can not claim to be objective.
Yes, it is even understandable that this multi-billion US$ expensive security industry with all its known and unknown Snoopy's has somehow have to bring something in return, but to spread such an outrageous nonsense as U.S. Attorney General Eric Holder spread is totally funny: the BNP would allegedly helped countries which are involved in "terrorism" and human rights violations - "in many cases to the detriment of U.S. national security." is absurd. So, who is living in a glass houses should not throw stones.
Because of this accusation to promote terrorism the punishment was unusually high. Other financial companies, which have been accused of similar offenses had escaped with penalties in the hundreds of millions, including the Dutch bank ING, the British Lloyds Bank, or the German stock exchange, which had to stand up for Iran transactions of their clearing subsidiary Clearstream.
America is playing a very dangerous game: having the worlds reserve currency. The economic dominance that was the root of this is already rapidly declining. Deciding such extortions to foreign banks will in consequence make it more and more likely that the world will move to a different reserve currency. Then, very quickly, the USA will find out that international banks are beginning to avoid any contamination with the USA and its "regulators". International banks will deliberately decide not to have a US banking license. Then also this SWIFT scheme which is making any transaction accessible to US spy agencies will collapse. Till this is happened the EU better prepares for much more drastic "punishments" and ensures she saves a little money from tax payments of its EU citizens so the ECB then can happily bail-out these "distressed" banks on the expenses of tax payers cash for "penalties" ordered by a justice system which is blind on at least one eye.