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Wait until the euros find out that the dollars earned from their exports—cars, tools, perfume, pharmaceuticals—weren’t reinvested in Europe, weren’t used to rebuild southern infrastructure or fund a next-gen Airbus or even create a sovereign tech stack. Instead, they were quietly parked in U.S. Treasuries, in hedge funds, and in crypto moonshots. Not as a grand conspiracy, but as financial habit, as elite consensus, as path dependence. Meanwhile, Europe’s industrial base hollowed out, its strategic autonomy slipped, and a generation was told to tighten belts while their savings quietly bankrolled cryptobros and spandex superheros 1 reply
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The irony is the Americans didn’t know either. The crypto founders, the VCs, the tech substacks—they thought the money came from hustle, from merit, from ingenuity, from dollar-denominated destiny. They didn’t know it was European and Japanese surplus capital, cycled through the global dollar system, that gave them their Series A, their rocket fuel, their token launch. The apps, platforms, and megaprojects they built were subsidized twice—first by the U.S. state, then by foreign capital fleeing accountability in the very economies that earned it to co-finance a techno-utopia they were never invited into. Why they exported real value and got back American narratives and a weaker continent in return.
And then wait until the folks in SV realize they weren’t the product of destiny or genius—but of other people’s deferred dreams, converted into liquidity, handed to them through the opaque machinery of global finance. 1 reply
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