The Euro’s Collapse and the Greenback’s Last Illusion

The euro’s descent to a two year low of 1.032 USD is the sound of a currency cracking under the weight of its own contradictions. Germany’s industrial stagnation, Europe’s energy crisis, and complete surrender of monetary sovereignty to DC have turned the euro into a sacrificial lamb on the altar of empire. But let’s not mistake the dollar’s temporary resilience for permanence. It’s a currency underwritten by $36.2 trillion in debt and more than $200 trillion in unfunded liabilities, a bankrupt Ponzi scheme of historic proportions, posing as stability. Both currencies are hurtling toward collapse, but Europe will go first, because vassals are always sacrificed to keep the empire’s illusions alive.

Germany, heart of the Eurozone, has been gutted. Once Europe’s industrial engine, it limps along, strangled by soaring energy costs and a U.S.-driven embargo on cheap Russian oil and gas. Growth this year will barely scrape 0.2%. Volkswagen and Bosch, industrial giants that once symbolized German power, are scaling back as LNG bills pile up. This was no accident. Europe didn’t lose sovereignty, it gave it away. Its decision to sanction its own energy lifelines was both economic folly and geo-servitude. We cannot forget the Nord Stream sabotage; Germany, fully aware of who committed the act of economic terror, chose silence over sovereignty, humiliation over defiance.

But while the euro collapses, the dollar isn’t sitting on quick sand. It clings to its final illusions of credibility, even as it’s underwritten by mountains of debt and liabilities that no amount of Fed magic can erase. And then came the theft, the empire’s $300 billion seizure of Russian sovereign wealth. Beyond theft; it was the opening of Pandora’s box. The empire told the world that no reserves are safe, no currency is immune if you dare step out of line. This was much more than a moment of recklessness, it was a precedent that will haunt. What was meant to cripple Russia will be used against the empire itself, as nations accelerate their flight from dollar hegemony.

The euro’s plight is intertwined with this arrogance. Europe’s decision to bow to DC didn’t just destroy its economy, it ceded the very monetary sovereignty that once made the euro a contender for global relevance. The ECB has slashed rates four times, and predictably its currency keeps falling. It’s a vassal of the greenback, enslaved by policies designed not for Europe’s prosperity but for to buy the empire time.

Meanwhile, the dollar revels in its short-term resilience, propped up by faux military dominance and the inertia of global finance. But the theft of Russian reserves has shattered the illusion of dollar stability for the rest of the world. Nations across the Global South now see the empire for what it is: a bankrupt enforcer clinging to its racket. The dollar’s credibility isn’t real but enforced. And once enforcement becomes the only tool, the system collapses from within.

Europe will fall first, sacrificed to buy the empire a few more hours. DC, fully willing to watch Europe burn, has already shown its hand. The mafia-style LNG extortion racket, the indifference to Europe’s collapsing industry, and the Nord Stream humiliation are proof enough. The empire doesn’t have allies, it has dependents. But don’t think the dollar will escape its own reckoning. When the world finally moves to alternatives untethered from the empire’s whims, both the euro and the dollar will be relics of a failed order.

And here’s the final note: the theft of Russian assets was was a declaration of war on the global financial system itself. It shattered the last vestiges of trust in the empire’s currency regime.

The euro may be the first to collapse, but make no mistake: the dollar will be next. When the dust settles, Washington will look back on the theft of $300 billion as the moment it signed its own death warrant.

This isn’t just the decline of currencies, it’s the funeral dirge of an empire that mistook coercion for strength.

- Gerry Nolan

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