Simple question. Who cares? And why even bring up people's feelings when we're really just talking about tangible economics?
I brought it to the other guy who I responded, not you originally.
US dominates the global financial system,
True.
and that'll likely persist for many years to come.
True, but only IF the US doesn't make any stupid moves again like sanctioning Russia, for example sanctioning China. But that would be 100 worse for them in terms of not only the global financial system but many more.
And yes, that's a huge economic asset for United States, especially in its economic competition with China.
No, it literally has 0 value in competition with China since it couldn't even have any effect on much weaker Russia.
It can at most be used to destabilize some smaller countries like Venezuela and Iran, but even their regimes, however weekend, are still operating.
They grew because the Russian government, correctly, prioritized massive government spending to provide its soldiers with everything they need to fight in Ukraine.
No - it was because of increased production and economic activity and spending, simply as that. That's called "economic growth", GDP growth however you want to call it. This was because sanctions served as some kind of shock therapy for the entire society. There is a direct reason and correlation why I said that sanctions fully HELPED Russia which you know nothing about. For example, stuff that you used to buy from the West, you now produce domestically, no wonder there is record low unemployment, 4% GDP growth first time in a long time, etc.
If the increase in GDP was caused by military investment, you would have a rising fiscal deficit to GDP ratio, not falling, you would also have a rising debt to GDP ratio, not falling, as a country goes into debt to finance all that military spending. Instead, that was clearly not the case. It is obvious that the rise in GDP is coming from the civil sector. The whole UKR war served as some kind of electric shock therapy to the whole economy/country, it forced all people to put more effort, and eliminate inefficiencies, both in terms of politicians, and local entrepreneurs.
Similar things happened to the Chinese "sanctioned" chip sector if you have been paying attention. Sanctions only served to add urgency in political and business circles and force them to develop domestic production for sanctioned products that previously not only didn't have production but also lacked demand. This is why I said all that US "dominance" in such "soft" fields, like financial and economic sanctions, is useless against peer and near-peer competitors; You need to defeat them with hard power, which is INDUSTRIAL power mainly.
