Nah, the brakes have definitely been thrown on over the last few years. The US has had back-and-forth with China and Canada, e.g. the huge tariff on that Embraer plane, export restrictions on computer chips, and I think the steel tariff dispute is still simmering away. The UK has pulled out of the EFTA and that's affected supply chains a lot. China has cut off the workarounds that allowed offshore ownership of stock in their companies, a whole lot of what was tolerated in Hong Kong is not being tolerated any more. And that's before you get into the Russia situation - cutting off SWIFT is pretty much unprecedented, and the oil price cap stuff is also new. Global trade is very much less free than a decade or two ago, and that trend is accelerating.
Russia is not fully cut from western financial system. Even few EU banks are there.
Price cap is poorly enforced. All economic sanctions applied to Russia are poorly enforced thanks to globalization and lack of political will of western countries.
Sanctions are severe on paper, but in real life just adds some extra friction.
Unfortunately we are living in times when there are only weak populists in the government.
I wish the next is president will be someone like Reagan, but it is impossible.
The US can no longer afford to be world police with its navy.
Russia is now outside of the US economic system, while relations with China continue to deteriorate. It will deteriorate further once China attacks Taiwan.
US China relations continue to deteriorate because of China’s aggression in the South China Sea and continued decoupling aka de-risking.
Russia is cut off from the developed Western economy. Some NATO commanders are also warning that Russia will not stop at Ukraine.
Even if Russia and China weren’t on a war path, the US simply cannot continue to subsidize global defense of trade via our navy. Currently, only the UK and Japan have a sizable fleet of long range ships, but they still don’t compare to the US navy.
Yes, globalism is still here, but the trend is that it will be on a major decline in the coming years. Destabilizing geopolitics will only hasten it.
Common misconception but the US does not pay for its navy by itself. That is done by the world using a ever overprinted currency for reserve and trade. The US can print aka lend that money to set a navy to work. The world pays for its police.
Some hicks in the rust belt contribute and receive very little benefits from a fee trade empires existence and are thus usually left to there own devices by both parties.
> Common misconception but the US does not pay for its navy by itself. That is done by the world using a ever overprinted currency for reserve and trade. The US can print aka lend that money to set a navy to work. The world pays for its police.
Common misconception that the US controls the world dollar. The Eurodollar has been where the world's trade has been pegged for half a century, the US simply benefits from a massive economy and it being their native currency.
This is like saying the US controls the world through ubiquity of "English" as a business language. No, but they definitely benefit from it. You can choose to speak any other language, or use any other reserve currency that you like.
Russia is cut off only on paper. In real life they do trade very well.
And yes, they will never stop because they have an empire mentality. Make Russian empire great again! Russian are ready to kill anyone and die for promise to get 2000$ per month from their government.
Being able to get supplies from black markets at a high markup isn’t the same as being connected to the markets. Russia also doesn’t want yuan or rupees, and most of their new customers haven’t even paid them yet.
Russia is not even cut off from trade with USA. There are even messages that USA is buying some amount of Russian oil every month.
From the other hand, Russians can buy anything western they want, just with more friction and higher price. Even dual-purpose western components for army are freely available for them.
They are cut off from the American system. The products will leak from both ways unless you impose a strict naval blockade. For some premium, many countries will dodge the sanctions.
Imagine the anti liberal backlash that will come if the first gi dies from forces armed up by neoliberale trading. They will ride the ex-elites out of town on a rail, if they are lucky..