The indispensable Michael Hudson, in a new essay on the U.S. dollar devouring the euro, argues half in jest that Europe might as well surrender its currency, and go on like "a somewhat larger version of Puerto Rico."
After all, Europe "has pretty much ceased to be a politically independent state, it is beginning to look more like Panama and Liberia - 'flag of convenience' offshore banking centers that are not real 'states' because they don't issue their own currency but use the U.S. dollar."
In sync with quite a few Russian, Chinese and Iranian analysts, Hudson advances that the war in Ukraine - actually in its "full-blown version as the New Cold War" - is likely to last "at least a decade, perhaps two, as the U.S. extends the fight between neoliberalism and socialism - meaning the Chinese system - to encompass a worldwide conflict."
What may be seriously in dispute is whether the U.S., after "the economic conquest of Europe", will be able to "lock in African, South American, and Asian countries". The Eurasia integration process, rolling in earnest for 10 years now, conducted by the Russia-China strategic partnership and expanding to most of the Global South, will go no holds barred to prevent it.
There's no question, as Hudson states, that "the world economy is being enflamed" - with the U.S. weaponizing trade. Yet on the Right Side of History we have the Rublegas, the Petroyuan, the new monetary/financial system being designed in a partnership between the Eurasia Economic Union (EAEU) and China.
And that's something no puny Cancel Culture War can erase.
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