A huge chunk of those trillions come from European and other non-US sources. Capital controls (or triggering the EU anti-coercion legislation), a truly integrated EU capital market and a few failed USD treasury auctions could very rapidly re-direct those flows.
>A huge chunk of those trillions come from European and other non-US sources.
Well that's even worse isn't it. Europe invents something only for the US to produce it and then sell it back to Europe?
Maybe it's time for Europeans to come home from their 30 year post cold war vacation. 60-70 hour work weeks, performance based job security, 15 days vacation (that you work during anyway), corporate tax exemptions funded by social program cuts, and 35 year old billionaires leading the charge. Droves of SWE's pulling €200k and the locals complaining about gentrification. There will be a vibrant tech scene and actually competitive software across the board within a few years.
But you probably recoiled in horror reading that. So do most other Europeans. So the strong players leave to reap the rewards that those things bring, and the rest stay behind the in the comfy status quo and say "We'll just buy xyz from the Americans".
A huge chunk of those trillions come from European and other non-US sources. Capital controls (or triggering the EU anti-coercion legislation), a truly integrated EU capital market and a few failed USD treasury auctions could very rapidly re-direct those flows.
If https://fred.stlouisfed.org/series/IIPUSNETIQ starts reversing, you'll see a lot of US & EU tech re-pricing (and not in the US's favour). Europe's tech talent is excellent, it's the structural financing disadvantages (and loaded trade agreements, see: https://doctorow.medium.com/https-pluralistic-net-2026-01-01...) that have historically held it back.
>A huge chunk of those trillions come from European and other non-US sources.
Well that's even worse isn't it. Europe invents something only for the US to produce it and then sell it back to Europe?
Maybe it's time for Europeans to come home from their 30 year post cold war vacation. 60-70 hour work weeks, performance based job security, 15 days vacation (that you work during anyway), corporate tax exemptions funded by social program cuts, and 35 year old billionaires leading the charge. Droves of SWE's pulling €200k and the locals complaining about gentrification. There will be a vibrant tech scene and actually competitive software across the board within a few years.
But you probably recoiled in horror reading that. So do most other Europeans. So the strong players leave to reap the rewards that those things bring, and the rest stay behind the in the comfy status quo and say "We'll just buy xyz from the Americans".