Recently, France has taken actions to align more closely with the East, a move that has made the United States feel betrayed.
So, why is France so bold? It all boils down to the influence of the dollar.
To Americans, the dollar is extremely important, its significance exceeding what many people might imagine.
### Why Is the Dollar So Important?
The importance of the dollar lies in America's highly financialized economy.
The dollar symbolizes wealth and power and is a powerful tool for the United States to exploit global resources.
Historical Challenges to the Dollar
Many countries have historically challenged the dollar's dominance.
What were these challenges and their outcomes?
The Role of the Dollar in U.S. Financial Dominance
The dollar is crucial for the U.S. economy and its global financial dominance.
It allows the U.S. to exert significant influence over international trade and finance.
France's Recent Moves and U.S. Perception of Betrayal
France's recent actions are seen as a betrayal by the United States.
Politically, France's intentions are clear; economically, it has strengthened comprehensive cooperation with the East, gaining both symbolic and practical benefits.
France's Tradition of Independence
Some say that France has had a tradition of independence since the era of Charles de Gaulle, which can even be traced back to the French Revolution.
France has always had a spirit of defiance against traditional power structures.
France's Challenge to U.S.-Led Global Order
Now, France is challenging the U.S.-led global order.
Whether it will succeed is yet to be seen, but the timing seems ideal.
U.S. Contributions to Europe
The U.S. has benefited Europe, especially during World War II by liberating half of Europe and helping rebuild through the Marshall Plan.
These actions imposed decades-long moral obligations on Europe, even resulting in the presence of U.S. troops.
Europe’s Loyalty to the U.S.
Europe's loyalty to the U.S. is not only out of gratitude but also due to tangible benefits. After World War II, the U.S. established a system for dividing global benefits, of which Europe was a beneficiary.
U.S. Suppression of Europe
However, the U.S. has never relaxed its guard against Europe, frequently suppressing it.
Many Europeans are resentful but dare not speak out due to U.S. power and military presence, and long-term infiltration and intimidation by the U.S. have led to internal European disunity.
Control Over European Politicians
There are rumors that many European politicians are controlled by the U.S., through not only conventional surveillance but also unconventional methods.
For example, why does Ursula von der Leyen, the current EU President, fully support the U.S. despite being European nobility?
Her entire family holds U.S. citizenship—are they really doing so voluntarily?
Suppression of the Euro
The most ruthless U.S. suppression of Europe has been through three rounds of attacks on the euro.
First Suppression
The first suppression occurred at the birth of the euro. In 1999, the euro was born, quickly showing vitality.
On March 24, 1999, NATO bombed the Federal Republic of Yugoslavia for 78 days, causing massive casualties and infrastructure destruction, ultimately disintegrating Yugoslavia.
Ostensibly, this was to address the humanitarian crisis in Kosovo, but the deeper reason was to curb the rapid growth of the euro and even strangle it at birth.
This war partially achieved the U.S.'s goals, interrupting the euro's development.
The euro had a three-year transition period before officially circulating in 2002.
Second Suppression
The second suppression happened when the euro directly threatened the petrodollar system.
In November 2000, Iraq announced it would use euros instead of dollars to price its oil reserves and settle oil exports, the first OPEC country to defy the dollar-based international rules, directly threatening U.S. core interests.
In 2003, the U.S. launched the Second Gulf War, using a bag of laundry powder as a pretext, overthrowing Saddam Hussein's regime. Since then, no country has dared to suggest replacing the dollar with the euro.
Third Suppression
The third suppression occurred when the euro almost replaced the dollar.
In February 2022, the dollar's share in global payments fell to 38.85%, a multi-year low, while the euro rose to 37.79%, nearly overtaking the dollar.
In May 2021, the euro reached a high of 1.23 against the dollar, causing U.S. panic.
In February 2022, the U.S. triggered the Russia-Ukraine conflict and started raising interest rates in March 2022.
Although the dollar crisis remains unresolved, the outcome pleased the U.S. By March 2024, the dollar's share in global payments rose to 47.3%, while the euro fell to 21.9%.
The euro never returned to its 2021 peak, dropping to a low of 0.96 in 2022 and hovering around 1.06 currently.
Europe's Heavy Costs
Europe has paid unprecedentedly heavy costs, facing an energy crisis, inflation, and economic recession, among other visible issues.
Hidden costs include massive European capital flowing to the U.S. and severe internal European disunity.
Under the influence of leaders like von der Leyen, the EU faces the risk of fragmentation, with Germany and France struggling to lead Europe.
U.S. Moves to Maintain European Instability
In 2024, as Europe was about to recover, the U.S. quickly passed a $61 billion aid package for Ukraine, intending to keep Europe in turmoil.
Europeans have had enough. France has awakened, Macron has awakened, and so have the Germans.
They have decided to lead Europe in resisting and challenging U.S. hegemony.
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