The Cold War alliance of the EU with France at the head has already launched an attack against the US Dollar. Starting in October 2000, Iraq has only accepted Euros in payment for oil. Jordan was next on the bandwagon to only accept Euros.
Last year the topic of OPEC only accepting Euros was brought up. Overseas banks are looking for the right time to increase their holdings in Euros. This could signal the shedding of some of their US debt that they hold in reserve for trading reserves.
The EU seems to sense the frail condition of the post 9/11 US money system, and are poised to "capitalize" on it's weakeness.
This is the French way of doing battle, attempting to engage something that is weakened. They just don't have the internal courage at taking on anything at face value, and in the open.
This begins to shed some additional light on the posturing of France and other EU beneficiaries against any US intervention in Iraq. They have business ventures there, and are using Iraq as a stepping stone to EU prominance.
Today's summit in the Azores should take some of the wind from their sails, and will hopefully also prempt their attempted coup against the US Dollar in their battle for supremecy in the world's currency.
I personally hope that the alliances between France and Iraq for the past two decades will be factually linked and put out in the public eye for all the world to see. France needs to concentrate their efforts on something they are more adept at doing; not doing anything.
Good Analysis - but this time the Franco-German alliance will fail as they have in the past. I agree that we will need to be more active between now and 2007 (Chirac re-election) to exacerbate the economic and social problems (already affecting Schroeder) in France. My thoughts:
The European Stock market will underperform the US even after the Iraq liberation.
France and Germany will not be able to meet the 3% budget deficit ceiling in 2004 as called for by the EU charter, further undermining the Eurozone economics. Schroeder will be politically impotent because of the economic reforms required, but opposed, to move to a less burdensome socialistic welfare state.
The weakened dollar will continue to drive down trade imbalances with Europe, and increasing American exports worldwide.
Legal, possibly criminal, actions will be brought by individuals in the US against European companies violating sanctions and treaties in trading with Iraq.
Isreal/Palestine and North Korea will force continued international efforts, further exposing the impotence and hypocrisy of the Franco-German anti-Anglo foreign policy, which would be forced onto other EU members under their un-democratic constitution.
I'm sure there are more, but just a short list I can come up with - top of the head.