The dollar is our currency, but it’s your problem,” once said John Connally, Nixon’s Finance Minister, to the Europeans. This was back in 1971, but this quote reminds us that Europe’s dependence on the United States dates back a long time. At that time, the international monetary system, centered on the dollar, was collapsing, and Europeans found themselves exposed to unprecedented exchange rate instability.
Therefore, when Europeans claim today that “it’s not [their] war,” Donald Trump could easily retort, “It’s my war, but it’s your problem.” Europe, weakened, now depends on the United States in all areas, including its armed forces, financial system, and technologies.
No one in the world is completely independent, but many countries are stronger than we are. Russia has shown resilience, resisting Western sanctions, which is not surprising given the country. China also appears to be resilient. And the United States is even more so. Here is a country that thrives in adversity, which fits well with the concept of “antifragility” developed by N.
