There has been a lot written about the Thycidides Trap
highlighted by Graham Allison 7 years ago and K Rudd
provided an opposing view (The Avoidable War) 2 years ago.
No doubt both the USA & China/Russia are keenly aware
of what the consequences could be if the US stubbornly
holds on to its global hegemony despite being "outgunned"
by China economically.
The reasonable compromise would be a sharing of global power
but given Allisons analysis, there is only one chance in 4 that that will happen peacefully.
This Ukrainian war has simply accelerated the US China showdown with the US leading the way
with sanctions on select Chinese entities including Chinese Hi-Tech, Banking etc.
Economic sanctions in this instance can be seen as a prelude to war.
So from Australia's economic point of view, the answer is peace; not an escalation
of this war as advocated by some posters on this thread.
To test this theory let us suppose that the US wrecked the Chinese economy
whether that be with Russian type economic sanctions. an all out military attack
or both, where would that leave Aus. IMO we'd be bankrupt within a year and
would the US then bail us out?
IMO, no.
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