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Pluralistic: Europe takes a big step towards a post-dollar world (11 Feb 2026)


Today's links


An old-fashioned credit-card imprinter; its handle is a cracked and dirty American flag. Under the slip is a gold Trump Card. Looming over the imprinter is the top half of Trump's face, brooding and squint-eyed; it has been altered to increase its orangeness, to add bloodshot sclera to his eyes, and to add liver spots. At its bottom, the face merges with a bubbling, hellish cauldron of smoke and flame.

Europe takes a big step towards a post-dollar world (permalink)

There's a reason every decentralized system eventually finds its way onto a platform: platforms solve real-world problems that platform users struggle to solve for themselves.

I've written before about the indie/outsider author Crad Kilodney, who wrote, edited, typeset and published chapbooks of his weird and wonderful fiction, and then sold his books from Toronto street-corners with a sign around his neck reading VERY FAMOUS CANADIAN AUTHOR BUY MY BOOKS (or, if he was feeling spicy, simply: MARGARET ATWOOD):

https://pluralistic.net/2024/02/19/crad-kilodney-was-an-outlier/#intermediation

Crad was a hell of a writer and a bit of a force of nature, but there are plenty of writers I want to hear from who are never going to publish their own books, much less stand on a street-corner selling them with a MARGARET ATWOOD sign around their necks. Publishers, editors, distributors and booksellers all do important work, allowing writers to get on with their writing, taking all the other parts of the publishing process off their shoulders.

That's the value of platforms. The danger of platforms is when they grow so powerful that they usurp the relationship between the parties they are supposed to be facilitating, locking them in and then extracting value from them (someone should coin a word to describe this process!):

https://pluralistic.net/2024/11/07/usurpers-helpmeets/#disreintermediation

Everyone needs platforms: writers, social media users, people looking for a romantic partner. What's more, the world needs platforms. Say you want to connect all 200+ countries on Earth with high-speed fiber lines; you can run a cable from each country to every other country (about 21,000 cables, many of them expensively draped across the ocean floor), or you can pick one country (preferably one with both Atlantic and Pacific coasts) and run all your cables there, and then interconnect them.

That's America, the world's global fiber hub. The problem is, America isn't just a platform for fiber interconnections – it's a Great Power that uses its position at the center of the world's fiber networks to surveil and disrupt the world's communications networks:

https://en.wikipedia.org/wiki/Edward_Snowden

That's a classic enshittification move on a geopolitical scale. It's not the only one America's made, either.

Consider the US dollar. The dollar is to global commerce what America's fiber head-ends are to the world's data network: a site of essential, (nominally) neutral interchange that is actually a weapon that the US uses to gain advantage over its allies and to punish its enemies:

https://pluralistic.net/2023/10/10/weaponized-interdependence/#the-other-swifties

The world's also got about 200 currencies. For parties in one country to trade with those in another country, the buyer needs to possess a currency the seller can readily spend. The problem is that setting up 21,000 pairwise exchange markets from every currency to every other currency is expensive and cumbersome – traders would have to amass reserves of hundreds of rarely used currencies, or they would have to construct long, brittle, expensive, high-risk chains that convert, say, Thai baht into Icelandic kroner to Brazilian reals and finally into Costa Rican colones.

Thanks to a bunch of complicated maneuvers following World War II, the world settled on the US dollar as its currency platform. Most important international transactions use "dollar clearing" (where goods are priced in USD irrespective of their country of origin) and buyers need only find someone who will convert their currency to dollars in order to buy food, oil, and other essentials.

There are two problems with this system. The first is that America has never treated the dollar as a neutral platform; rather, American leaders have found subtle, deniable ways to use "dollar dominance" to further America's geopolitical agenda, at the expense of other dollar users (you know, "enshittification"). The other problem is that America has become steadily less deniable and subtle in these machinations, finding all kinds of "exceptional circumstances" to use the dollar against dollar users:

https://pluralistic.net/2025/11/26/difficult-multipolarism/#eurostack

America's unabashed dollar weaponization has been getting worse for years, but under Trump, the weaponized dollar has come to constitute an existential risk to the rest of the world, sending them scrambling for alternatives. As November Kelly says, Trump inherited a poker game that was rigged in his favor, but he still flipped over the table because he resents having to pretend to play at all:

https://pluralistic.net/2026/01/26/i-dont-want/#your-greenback-dollar

Once Trump tried to steal Greenland, it became apparent that the downsides of the dollar far outweigh its upsides. Last month, Christine Lagarde (president of the European Central Bank) made a public announcement on a radio show that Europe "urgently" needed to build its own payment system to avoid the American payment duopoly, Visa/Mastercard:

https://davekeating.substack.com/p/can-europe-free-itself-from-visamastercard

Now, there's plenty of reasons to want to avoid Visa/Mastercard, starting with cost: the companies have raised their prices by more than 40% since the pandemic started (needless to say, updating database entries has not gotten 40% more expensive since 2020). This allows two American companies to impose a tax on the entire global economy, collecting swipe fees and other commissions on $24t worth of the world's transactions every year:

https://finance.yahoo.com/news/europe-banks-launching-product-break-101215642.html

But there's another reason to get shut of Visa/Mastercard: Trump controls them. He can order them to cut off payment processing for any individual or institution that displeases him. He's already done this to punish the International Criminal Court for issuing a genocide arrest warrant for Benjamin Netanyahu, and against a Brazilian judge for finding against the criminal dictator Jair Bolsonaro (Trump also threatened to have the judge in Bolsonaro's case assassinated). What's more, Visa/Mastercard have a record of billions (trillions?) of retail transactions taking place between non-Americans, which Trump's officials can access for surveillance purposes, or just to conduct commercial espionage to benefit American firms as a loyalty bonus for the companies that buy the most $TRUMP coins.

Two days after Lagarde's radio announcement, 13 European countries announced the formation of "EuroPA," an alliance that will facilitate regionwide transactions that bypass American payment processors (as well as Chinese processors like Alipay):

https://news.europawire.eu/european-payment-leaders-sign-mou-to-create-a-sovereign-pan-european-interoperable-payments-network/eu-press-release/2026/02/02/15/34/11/168858/

As European Business Magazine points out, EuroPA is the latest in a succession of attempts to build a European payments network:

https://europeanbusinessmagazine.com/business/europes-24-trillion-breakup-with-visa-and-mastercard-has-begun/

There's Wero, a 2024 launch from the 16-country European Payments Initiative, which currently boasts 47m users and 1,100 banks in Belgium, France and Germany, who've spent €7.5b through the network:

https://finance.yahoo.com/news/europe-banks-launching-product-break-101215642.html

Wero launched as a peer-to-peer payment system that used phone numbers as identifiers, but it expanded into retail at the end of last year, with several large retailers (such as Lidl) signing on to accept Wero payments.

Last week, Wero announced an alliance with EuroPA, making another 130m people eligible to use the service, which now covers 72% of the EU and Norway. They're rolling out international peer-to-peer payments in 2026, and retail/ecommerce payments in 2027.

These successes are all the more notable for the failures they follow, like Monnet (born 2008, died 2012). Even the EPI has been limping along since its founding, only finding a new vigor on the heels of Trump threatening EU member states with military force if he wasn't given Greenland.

As EBM writes, earlier efforts to build a regional payment processor foundered due to infighting among national payment processors within the EU, who jealously guarded their own turf and compulsively ratfucked one another. This left Visa/Mastercard as the best (and often sole) means of conducting cross-border commerce. This produced a "network effect" for Visa/Mastercard: since so many Europeans had an American credit card in their wallets, European merchants had to support them; and since so many EU merchants supported Visa/Mastercard, Europeans had to carry them in their wallets.

Network effects are pernicious, but not insurmountable. The EU is attacking this problem from multiple angles – not just through EuroPA, but also through the creation of the Digital Euro, a Central Bank Digital Currency (CBDC). Essentially, this would give any European who signs up an account with the ECB, the federal bank of the Eurozone. Then, using an app or a website, any two Digital Euro customers could transfer funds to one another using the bank's own ledgers, instantaneously and at zero cost.

EBM points out that there's a critical difficulty in getting EuroPA off the ground: because it is designed to be cheap to use, it doesn't offer participating banks the windfall profits that Visa/Mastercard enjoy, which might hold back investment in EuroPA infrastructure.

But banks are used to making small amounts of money from a lot of people, and with the Digital Euro offering a "public option," the private sector EuroPA system will have a competitor that pushes it to continuously improve its systems.

It's true that European payment processing has been slow and halting until now, but that was when European businesses, governments and households could still pretend that the dollar – and the payment processing companies that come along with it – was a neutral platform, and not a geopolitical adversary.

If there's one thing the EU has demonstrated over the past three years, it's that geopolitical threats from massive, heavily armed mad empires can break longstanding deadlocks. Remember: Putin's invasion of Ukraine and the end of Russian gas moved the EU's climate goals in ways that beggar belief: the region went from 15 years behind on its solar rollout to ten years ahead of schedule in just a handful of months:

https://pluralistic.net/2026/02/05/contingency/#this-too-shall-pass

This despite an all-out blitz from the fossil fuel lobby, one of the most powerful bodies in the history of civilization.

Crises precipitate change, and Trump precipitates crises.

Hey look at this (permalink)


A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

#15yrsago Realtime API for Congress https://web.archive.org/web/20110211101723/http://sunlightlabs.com/blog/2011/the-real-time-congress-api/

#15yrsago Steampunk fetish mask with ear-horn https://bob-basset.livejournal.com/156159.html

#10yrsago Facebook’s “Free Basics” and colonialism: an argument in six devastating points https://web.archive.org/web/20160211182436/https://www.theatlantic.com/technology/archive/2016/02/facebook-and-the-new-colonialism/462393/

#10yrsago UK surveillance bill condemned by a Parliamentary committee, for the third time https://web.archive.org/web/20250523013320/https://www.wired.com/story/technology-ip-bill-surveillance-committee/

#10yrsago Haunted by a lack of young voter support, Hillary advertises on the AOL login screen https://web.archive.org/web/20160211080839/http://www.weeklystandard.com/hillary-reaches-base-with-aol-login-page-ad/article/2001023

#10yrsago Celebrate V-Day like an early feminist with these Suffragist Valentines https://web.archive.org/web/20160216100606/https://www.lwv.org/blog/votes-women-vintage-womens-suffrage-valentines

#10yrsago Elements of telegraphic style, 1928 https://writeanessayfor.me/telegraph-office-com

#10yrsago Disgraced ex-sheriff of LA admits he lied to FBI, will face no more than 6 months in prison https://web.archive.org/web/20160211041117/https://www.latimes.com/local/lanow/la-me-ln-ex-l-a-county-sheriff-baca-jail-scandal-20160210-story.html

#5yrsago Apple puts North Dakota on blast https://pluralistic.net/2021/02/11/rhodium-at-2900-per-oz/#manorial-apple

#5yrsago Catalytic converter theft https://pluralistic.net/2021/02/11/rhodium-at-2900-per-oz/#ccscrap

#5yrsago Adam Curtis on criti-hype https://pluralistic.net/2021/02/11/rhodium-at-2900-per-oz/#hypernormal

#5yrsago Dependency Confusion https://pluralistic.net/2021/02/11/rhodium-at-2900-per-oz/#extra-index-url

#1yrago Musk steals a billion dollars from low-income Americans and sends it to Intuit https://pluralistic.net/2025/02/11/doubling-up-on-paperwork/#rip-freefile

Upcoming appearances (permalink)

A photo of me onstage, giving a speech, pounding the podium.


A screenshot of me at my desk, doing a livecast.

Recent appearances (permalink)


A grid of my books with Will Stahle covers..

Latest books (permalink)


A cardboard book box with the Macmillan logo.

Upcoming books (permalink)

  • "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2026

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027

  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027


Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America (1027 words today, 26735 total)

  • "The Reverse Centaur's Guide to AI," a short book for Farrar, Straus and Giroux about being an effective AI critic. LEGAL REVIEW AND COPYEDIT COMPLETE.

  • "The Post-American Internet," a short book about internet policy in the age of Trumpism. PLANNING.

  • A Little Brother short story about DIY insulin PLANNING

This work – excluding any serialized fiction – is licensed under a Creative Commons Attribution 4.0 license. That means you can use it any way you like, including commercially, provided that you attribute it to me, Cory Doctorow, and include a link to pluralistic.net.

https://creativecommons.org/licenses/by/4.0/

Quotations and images are not included in this license; they are included either under a limitation or exception to copyright, or on the basis of a separate license. Please exercise caution.

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"When life gives you SARS, you make sarsaparilla" -Joey "Accordion Guy" DeVilla

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2026-02-11 10:09:05

The Guardian

Latest news, sport, business, comment, analysis and reviews from the Guardian, the world's leading liberal voice

Thomas Frank sacked by Tottenham after eight months as head coach

  • Club five points above drop zone after Newcastle defeat

  • Spurs have not won in the Premier League in 2026

Thomas Frank has been sacked by Tottenham, the final straw for the head coach coming on Tuesday when his team lost at home to Newcastle, leaving Spurs 16th in the Premier League, five points above the relegation zone.

The Tottenham Hotspur Stadium crowd again rebelled against Frank, booing him and chanting that he would be sacked in the morning.

Continue reading...
2026-02-11 10:06:21

Russia plays prideful, but there’s no doubt the Olympics ban is hurting | Bruce Berglund

Some Russians have dismissed the Games over the continued exclusion of their athletes. But the truth is international sport is still important to Moscow

Duma member Vitaly Milonov didn’t mince words when asked four years ago about the international ban against Russian athletes.

“There’s no point in humiliating ourselves and begging to be let in,” said the St Petersburg deputy, a member of Vladimir Putin’s United Russia party. “We have our pride.” International events had been corrupted by the United States, he claimed in a 2022 interview, just weeks after the International Olympic Committee and other governing bodies imposed the ban. “Only Russia can say no. Other countries will accept whatever nonsense the Americans force on them – teams of vegans, queers and lesbians.”

Continue reading...
2026-02-11 10:00:14

Rio’s bloodiest day: the untold story of Brazil’s most deadly police raid

In interviews with community leaders, lawyers, security specialists and bereaved relatives, the Guardian pieces together how an operation targeting a criminal gang left 122 people dead last October

  • Warning: contains graphic images

Juliana Conceição startled awake as the first shots of an infamous day were fired in the Complexo da Penha, the labyrinthine Rio favela where she was born and raised.

It was 4.30am on 28 October. Thousands of police had surrounded the community’s barricaded entrances and were preparing to swarm up its streets on foot and in black armoured personnel carriers with firing ports and bullet-cracked ballistic windows.

Continue reading...
2026-02-11 10:00:13

home - NRC

home

Piano tegen overprikkeling: ‘Luisteren naar Chopin alsof je op een satijnen kussen ligt’

Is het overprikkeling, het omarmen van kwetsbaarheid? De fluisterzachte klanken van eenvoudige thuispiano’s druppelen door in de klassieke muziek. Een zoektocht naar hoe de piano zich zachtjesaan van het podium naar de slaapkamer verplaatst – en waarom.
2026-02-11 10:05:47

Brengen de eerste verkiezingen sinds de val van het regime echte verandering in Bangladesh?

Donderdag mogen 127 miljoen Bengalen een nieuw parlement kiezen, nadat in de zomer van 2024 het regime omver werd geworpen bij een volksopstand. Wat valt er te kiezen en waarom zijn deze verkiezingen ook voor India van belang?
2026-02-11 10:02:19

De pakketbezorger blijft altijd onzichtbaar, en niet alleen in China

Hu Anyan brak door met de onverwachte Chinese bestseller Ik bezorg pakketjes in Beijing. De bezorgindustrie heeft ontzagwekkende proporties aangenomen, ook in Nederland. Over de ervaringen van de bezorgers horen we te weinig, ook in boekvorm.
2026-02-11 10:00:34

Wel.nl

Minder lezen, Meer weten.

OM eist 12 jaar cel en tbs met dwang tegen zedenverdachte Mark S.

GRONINGEN (ANP) - Het Openbaar Ministerie heeft twaalf jaar celstraf en tbs met dwangverpleging geëist tegen de 32-jarige Mark S. uit Borculo voor het verkrachten van twee vrouwen en het grootschalig seksueel afpersen van meisjes en vrouwen door te dreigen naaktbeelden van hen te verspreiden. "De verdachte is een compleet gevoelloos, veelkoppig monster", zei de officier van justitie woensdag in de rechtbank in Groningen.

De verdachte had talloze aliassen waarmee hij volgens het OM zijn slachtoffers manipuleerde en bedreigde. Veel slachtoffers komen uit Gelderland, uit de eigen omgeving van S.

Hij werd in 2024 aangehouden na een aangifte van verkrachting door een slachtoffer uit de provincie Groningen.

Het geld dat S. verdiende met de financiële sextortion besteedde hij om zijn gokverslaving te bekostigen.


2026-02-11 10:01:12

Staat doet voldoende tegen PFAS-vervuiling, oordeelt rechtbank

DEN HAAG (ANP) - De overheid hoeft geen aanvullende maatregelen te nemen om PFAS-vervuiling tegen te gaan en mensen beter te beschermen tegen gezondheidsschade door blootstelling aan chemische stoffen die onder deze noemer vallen. Volgens de rechtbank in Den Haag doet de Staat "op dit moment voldoende".

Vier regionale milieuorganisaties en de Stichting Gezond Water hadden de overheid laksheid verweten en aanvullende maatregelen geëist. Die eisen zijn afgewezen. De rechtbank benadrukt in de uitspraak dat de regering en het parlement "een grote mate van vrijheid hebben om afwegingen te maken over de aanpak van de PFAS-problematiek". Daarbij moeten allerlei belangen tegen elkaar worden afgewogen. "Het is niet aan de rechter om keuzes hierin voor te schrijven."

De overheid zet zich in Europees verband in voor een zo breed mogelijk verbod op PFAS. Het beleid is verder gericht op het "zoveel mogelijk voorkomen of beperken dat PFAS in het milieu terechtkomen", vat de rechtbank samen, en dat is voor nu voldoende.


2026-02-11 09:58:28

De Speld

Uw vaste prik voor betrouwbaar nieuws.

Waarom heeft Lelystad zoveel mensen die de stroom van onze datacentra gebruiken?

​De gemeente Lelystad zit met de handen in het haar: de lokale bevolking en bedrijven lijken een gevaar te vormen voor het nieuwe datacenter. De gemeente telt bijna 40.000 huishoudens en gezamenlijk verbruiken ze bijna evenveel stroom (!) als het lokale datacenter.

Wethouder Timon Hopman (VVD) ziet het stroomgebruik van de inwoners met lede ogen aan. "Data is iets van alle tijden, maar de inwoners van Lelystad waren er een eeuw geleden niet eens. Dan past hen enige bescheidenheid zou je zeggen, maar in plaats daarvan komen er alleen maar meer inwoners bij, en die willen allemaal hun smartphone opladen, televisie kijken of hun matige muziek luisteren. Dat is doodzonde natuurlijk, want daardoor kan het lokale datacenter tijdens piekuren maar op 80% van z'n kunnen werken."

De wethouder wil dan ook strengere regelgeving ten faveure van de datacentra: "Het gebeurt nu steeds vaker dat de aanleg van datacentra wordt gedwarsboomd door inwoners. Met die krapte op het stroomnet moet je keuzes maken. We moeten ons goed afvragen waarom we wel plek maken voor huishoudens, maar niet voor datacentra. Als je kijkt naar gemeenten als Nieuwegein, Assen of Twenterand, dan is het doodzonde dat daar allemaal energieslurpende mensen wonen, in plaats van een datacenter waar we internetpuin ter waarde van 50.000 huishoudens hadden kunnen opslaan."

​​

&


2026-02-11 10:00:56