November 24
2003
France - the tyrant's friend
» Posted on November 24, 2003 05:48 PM » Category: Terror

Fascinating piece by Mike Gonzalez in the WSJ on French links to the 'against us' countries in the war on terror:

...France was not just Baathist Iraq's largest contributor of funds; French banks have financed other odious regimes. They are the No. 1 lenders to Iran and Cuba and past and present U.S. foes such as Somalia, Sudan and Vietnam.

This type of financing is shared by Germany, France's partner. German banks are North Korea's biggest lenders, and Syria's -- and Libya's. But France is the most active. In Castro's sizzling gulag, French banks plunked down $549 million in the first trimester this year, a third of all credit to Cuba. The figure for Saddam's Iraq is $415 million. But these pale in comparison with the $2.5 billion that French banks have lent Iran. The figures come from the Bank for International Settlements (BIS) in Basel, and were interpreted by Inigo More for a Madrid think-tank, the Real Instituto Elcano. As he says, "one could think that Parisian bankers wait for the U.S. to have an international problem before taking out their checkbooks." French banks seem to be almost anywhere U.S. banks are absent. They lend in 57 such countries, and are the main lenders in 23 of those. (His report can be read at realinstitutoelcano.org.)


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Comments

Same as it ever was...

"Hands off Indochin we won't fight for Michelin!"

France 43 military adventures in Africa since 1960 including 3 this year. 17 of those were to keep leading 20th Century asshole Mobutu Sese Seko in his Kinshasa palace. How humanitarian, how internationally minded.

The link http://www.usafricaonline.com/ekweekwe.africafrench.html

Stated by: Mark Holland on November 24, 2003 6:49 PM

I dont know why this comes as a surprise. The reason French banks prosper where American and British banks are absent, is that they cant actually compete at the same level, and where they try, they get beat fair and square. Hence they have been forced to go where there is no competition.

It is not so long ago that the French banking system was near to collapse and had to be shored up with government money. They still carry the legacy of those days - overmanned, underskilled and badly organised, its no wonder they get their asses kicked in international capital markets.

Stated by: KM on November 24, 2003 10:54 PM

Hmmm.. bad loans to dictatorships... followed by taxpayer bailout.. followed by more bad loans to dictatorships.
It sounds like the French taxpayers are bankrolling dictatorships.
That's before we even talk about the odious debt in Iraq.

Stated by: Dishman on November 25, 2003 5:49 AM

I agree this is no big shock. After all, there were rumblings of the French giving passports to notorious members of nasty regimes in whom they invested (like Iraq). The French only hate Anglo globilisation and unilateralism, if they are doing it, its just fine.

Stated by: Andrew Ian Dodge on November 25, 2003 4:04 PM

It's an interesting point to consider whether France has moved from being a rather prickly but essentially solid ally to semi-active belligerent. None of this bodes well.

Stated by: David Gillies on November 25, 2003 7:51 PM

Dishman has it pegged. You can't compete in desirable markets so where do you go? Bottom feeding. But even the developmentally disabled know the downward spiral that creates in your portfolio. And downward spirals tend to accelerate.

So how far would you go to support a crumbling loan portfolio to third world dictatorships? Perhaps the French economy is even shakier than originally presumed. I mean what do they have to sell? Do they simply sustain themselves by pillaging the EU farm subsidies?

Oh by the way, U S growth 3rd quarter GNP 8.2% without importing a single Renault.

Stated by: Hudson on November 25, 2003 8:42 PM

Nothing about the French suprises me anymore. At some point in the future, I fully expect to turn on the news and see photos of Finance Minister Francis Mer(de) and Bin Laden having tea in some quaint little hut in Pakistan...

Stated by: Byrdman on November 26, 2003 2:47 AM

Well, yes - "Please don't bomb the infrastructures of our future worthless-paper customers."

And they don't have to ride the spiral down for all that long, if their game keeps going well (or so they suppose).

See, if they finance the nukes and armies now, their "customers" can take out the USA and Britain, while going out in a blaze of glory themselves, leaving:


Wait for it -


"All of your banks are belong to us."

(Silly you for waiting!)

(Sillier Franco-Germany, for thinking their sociopolitical structure will be the least bit protected from the plundering horde. What a way to dig your own grave....)

Time to pray - again.

Stated by: LightTower on November 26, 2003 5:55 PM

Steven den Beste writes a piece based on US nuclear doctrine that the French really should be considering if that really is their strategy. In the very least, we'd demand the extradition of everyone involved, up to an including Chirac.

Stated by: Dishman on November 27, 2003 12:39 AM

Is France the closest Western ally of Saudi Arabia too, the biggest exporter of militant Islam? That would really be damning.

Stated by: Harry on November 27, 2003 9:21 PM

My sister in law, while working for the state department, was blown up in Iraq a few weeks ago by French rockets. She's alive and recovering, merci beaucoups. We will not soon forget French perfidy, and NO THANKS on the beaujoulais noveau. But if I could get my hands on some of those francs -- and then default -- I'd take them up on it.

Stated by: pedro on November 28, 2003 2:23 AM

Gee, does this mean that if the US takes out the rest of the "axis of evil", it might lead to the collapse of the French banking system, and thus the French government? Isn't this like some sort of regime change discount coupon -- change two, and get a third for free?

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