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Assuming that...
  1. The Confederate secession is successful and the C.S.A. survives into the 1900s
  2. The European "powder keg" explodes sometime in the early 20th Century
...would it be possible not only to involve both the Union and the Confederacy, but have them on the same side, either as full-fledged allies or at least co-belligerents?

I know the common AH trope is that one will join the Central Powers and one will join the Entente.
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