The State of Global Economy…

…one quote at a time.

• “I will read about it in the newspapers just like everyone else.”  – President Obama deflecting France’s appeal to intervene as BNP Paribas, the largest French bank, faces a potential multibillion-dollar US fine over currency transactions
• “The worldwide concern is unfortunately waning as the international financial crisis recedes.” – German chancellor Angela Merkel in a speech about how the regulation of ‘shadow banks’ needs to be a central issue at the G20 summit this fall
• “Zero is just a number.  The world goes on.” – Chief analyst at Danske Bank in Copenhagen Arne Rasmussen shrugging off a move to charge banks interest for deposits kept at the European Central Bank, given that no financial chaos erupted when Denmark’s central bank had a negative deposit rate in 2012.

Writer’s note – as I type this, BNP Paribas have decided to plead guilty and pay almost 9BN in fine for violating US sanctions.  As the world turns…