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

Octob1917 at aol.com Octob1917 at aol.com
Sat Aug 28 10:56:56 MDT 2004

In a message dated 8/28/2004 9:30:09 AM Pacific Daylight Time, 
calvinbroadbent at hotmail.com writes:
After WWII, the global destruction of productive markets for US capital, and 
a potentially serious threat on the Western front from the USSR, America 
invested much time and money in reconstructing European capitalism. Healthy 
relations (military and economic) between the European states were promoted 
in oder to advance the global geo-political hegemony of the US. Senior US 
State officials (around the likes of Acheson I think) were quite happy to 
see a united Europe (a bulwark against potential regional socialism and the 
partially fantasmic threat from actually existing socialism).
I agree with your inital post when you said that financial rivalry may have 
been a (if not the) major factor in sending the US to war in Iraq. I am just 
not sure that the global ruling class has disintegrated to such a degree 
that American and European capitalist intersts are either in the process of 
becoming, or already are, counterposed. I think, rather, there is a tension 
between the intersts of European capital, engaged in its own imperial 
project in the face of a falling rate of profit, and their interests in 
maintaining overall US global hegemony. After all, the German Government's 
opposition to American war on Iraq was quite half-hearted to say the least.

What you say is correct. But times have changed in that regard. The threat of 
socialist movements in Europe was nullified after the Second World War by US 
economic and covert military intervention - specifically in Greece and Italy. 
However, that threat ended with the collapse of the Soviet Union. The euro was 
introduced in 2002, adopted by 12 nations with a combined population of 300 
million, around the same as the US population. This constitutes a huge internal 
market and the kind of stability which threatens the dollar. I'm sorry, I 
still can't see past my earlier point re a battle for currency hegemony shaping 
up in the years to come.


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