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This is one scenario. But, there is another. More right wing elements of Europe (Poland, Hungary, Bulgaria, Italy) will refuse to join the boycott and we will have both a loss of NATO unity and a loss of EU unity. Chaos!
The left confuse "Random shit demented Trump comes up with" with "Things that will happen".

Please, people, let's deal with the latter. That's crazy enough.

What everyone is missing is the tactical situation. How does this invasion work when Greenland had less than 100 miles of paved roads? If anything, this would be an occupation of their very few (just nine or ten) mining locations. And those don't move, so you cannot hide them from aerial bombings.
It would be an odd sort of invasion as the US has permission to have troops in Greenland anyway. So I guess the troops would be there as usual but say "it's ours now"?
It will make the USA look like a dictatorship and evil, and NATO nations will boycott the USA and USA products.
Even if the invasion never happens who is going to trust the United States anyway?
I don't have a very thorough understanding of the international money markets.

If Europe "dumps the dollar" - what does that mean in practice?

This article suggests that Europe could also call in US debt. Presumably the US could grandstand and not pay it. What are the consequences of that?

It is not possible. Europe's financial markets are the size of Europe's military.

Europe needs US financial markets (dollars) to finance its debt as all European bank together could fit into JP Morgan.

Switching away from SWIFT or Visa/Mastercard is also improbable as Europe lack tech skills to run such complex systems.

Pretty sure half of that stuff can’t happen. I’m as against it as the next guy but it serves nobody to make a bunch of unrealistic predictions.
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Trump might be the best thing happening to the EU in a long while after all. That is, if the EU gets its act together and fights this as one. Or he's the final nail in the coffin. Not sure I really want to find out.