[Marxism] RE: Putin substitues Petro-Euros for petro-dollars

Octob1917 at aol.com Octob1917 at aol.com
Sat Aug 28 09:47:49 MDT 2004

In a message dated 8/28/2004 7:44:44 AM Pacific Daylight Time, 
calvinbroadbent at hotmail.com writes:
I may well be very wide of the mark on this, but wasn't the adoption of a 
single European currency fully supported and even financed by American 
imperialism as a means of protecting the integrity of the European market 
for American capital in the face of the eruption of potentially destructive 
(european) national-capital rivalries? Also, might it not be the case that 
the construction of a European Defense Force (given the fact that Europe is 
still very much militarily integrated in NATO) has more Russian 
politico-economic strength in mind, than American?

Re your first point about US support for the euro, this is the first time 
I've heard this analysis. Perhaps they gave the euro tacit support when it was 
introduced (after all what could they say against it?), but ultimately I don't 
see how US power could view it as anything other than a rival and threat to 
their own economic hegemony. Also, I would have thought that 'national-capital' 
rivalries in Europe would be advantageous for the US economy, something they 
could exploit. Europe, perhaps in addition to southeast Asia, has enjoyed 
economic stability more or less since the end of the Second World War. US investment 
in Europe is relatively minor compared to other parts of the world. Europe 
and the US are rivals in terms of controlling markets and resources in the 
developing world. The euro gives Europe - France and Germany - another weapon in 
their economic arsenal.

As far as your assertion re NATO goes, there have been rumblings by the 
French in particular as to NATO's role and relevancy given the collapse of the 
Soviet Union and the Eastern Bloc. The US's recent failed attempt to get NATO 
troops to help them in Iraq was significant, as is the formation of a Euro Defense 
Force. NATO gives the US an excuse to continue a military presence in Europe. 
France and Germany recognise this.The British and Italians want them to 
remain, viewing their alliance with the US at this point more beneficial to them 
than one with Germany and France. I wonder if the Pentagon's announcement about 
70,000 troops being removed from Germany and the main US base being moved to 
Italy has any more meaning than it appears? 


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