China’s Iran bet collapses: $400B investment, 90% oil purchases rendered worthless as US strikes cripple Tehran.
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A competitor seeks to outperform you; an adversary seeks to destroy you. This is a contest over whether free societies remain free.
The system is consuming itself as the U.S. discards the legitimizing frameworks that once amplified its power. This unconstrained unilateralism prompts allies to hedge and rivals to harden, accelerating global fragmentation rather than consolidating American dominance.