Though neither “kissing ass” to placate his malignant narcissism nor advancing retaliatory tariffs, a move by China that has only escalated the trade war, without a matching concession from the US (America has not doubled duty on exports from Europe and halved its schedule announced on Liberation Day but the blanket ten percent over and above any established scheme is still there as are last month’s tariffs on steel and aluminium and auto exports), the Europe Union (accused of being specifically established to cheat America) is underestimating its power and has an unprecedented chance to establish itself as a true counterweight and alternative to US hegemony. Trump did back down over the bond market, although not before engaging in some insider trading, and those rates were based on deficits in terms of good exchanged only (we all have a trade imbalance with our preferred supermarket), not services like banking and tech that are the chief US exports, and Europe had the capability to hasten the retreat from the safe haven of American debt if it uncoupled itself from fintech and franchises with a variety of tools already in its quiver: taxing social media, building up its own alternatives and curtailing non-domestic credit payments, which while bank debit cards have been nearly universally accepted for some time, it was not until the last decade that Visa became widely honoured. The consumer plays a big part too, as Canada has shown, with boycotts being more potent than a symbolic tit-for-tat—and that sentiment is a prevailing factor in Europe’s strength: they play by the rules, at times to their detriment, and when there is already a widening credibility gap for the US, and still believe in science and incontrovertible facts (global warming, the climate catastrophe, that race and gender are social constructs, the dignity of the worker, social safety nets and the common weal), not only making the euro a more attractive reserve currency by pivoting away from US-based services but also by further denying the aspiring petrostate another market to encroach upon by holding the lead in clean energy. The Russian invasion of Ukraine was in part a proxy war to supply Europe with natural gas from two competing bidders and the EU is well-positioned to free itself from both.
synchronoptica
one year ago: photographing the pyramids (with synchronoptica)
seven years ago: a curious optical illusion
eight years ago: more airport security theatre, Middle East diplomacy from the Trump administration plus more gun-violence in America
nine years ago: renderings of emoji across different platforms, the paper airplanes of Peter Max plus making Iceland a safe haven for freedom of expression
eleven years ago: the Saar protectorate plus the photography of Alfred Eisenstadt