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The more, the merrier....

France is the newest country to jump on the "dump the dollar" bandwagon, joining China, Russia, and India in suggesting some sort of "currency basket" might be a better answer as a global reserve currency. Bloomberg TV spent the afternoon running the clip showing France's Finance Minister, Christine Lagarde commenting to that effect in advance of the opening of the G-8 meeting.

In point of fact, the upcoming G-20 meeting will be the "main event", since the emerging market countries, the main force behind the currency basket suggestion, are not a party to the G-8 meetings, but are a part of the G-20. Consider the G-8 the "preliminary bout".

For whatever reason, the French, as a nation, seem to take an almost perverse delight to poking their thumb into Uncle Sam's eye at almost any opportunity.