Activity

By 1987 the dollar had devalued to levels that were jeopardizing Wall Street . in the same year a G7 meeting was held in Paris at which American officials pushed the opposite way, towards a strengthening of the dollar. At that meeting, which is now known as the Louvre Accord, Washington bullied the Europeans into accepting coordinated efforts to strengthen the dollar.

By the Plaza Accord, struck in 1985, Tokyo was forced to appreciate the yen substantially in relation to the dollar, with the Deutsche Mark compelled to follow suit.

convince German voters that monetary union was Germanizing France and exporting Teutonic discipline to Latin Europe, turning grasshoppers into ants rather than importing French sloth into Germany

the libretto of France's defeat had been written back in 1983

Financialization, as we now call this process, was the critical by-product of maintaining and enhancing US dominance on the back of increasing trade imbalances and in the interest of financing America's ever-expanding twin deficits.