America's biggest military defeat: when losing means winning

America's biggest military defeat: when losing means winning

Claiming that the United States has suffered its biggest military defeat sounds like alarmism, but a quick look at the numbers suggests that if this is losing, anyone would want such defeats. With barely any casualties of its own and supermarket shelves full, the tangible cost seems negligible. The catch lies in what cannot be seen.

The business of defeat: BlackRock, gas and tariffs

While the headlines talk of retreat and lost influence, capital flows tell a different story. The reconstruction of Ukraine has fallen into the hands of BlackRock, which turns rubble into assets. The United States has managed to become Europe's main gas supplier, squeezing out competitors. Tariffs on China have pushed major companies to repatriate part of their manufacturing. The money-making machine never stops: more defense spending, rising stock markets and a middle class that, according to the data, has never had it better.

The strategic price: the Strait of Hormuz and the global chessboard

But the economy is not the whole war. Iran has secured de facto recognition as the key holder of the Strait of Hormuz, turning what was once unthinkable into a weapon to brandish. The list of conflicts without a clear victory —Korea, Vietnam, Afghanistan, Iraq, and Iran— reveals a pattern: technological superiority without the ability to impose one's will. Some analysts point out that the lack of cultural homogeneity makes military sacrifice politically unviable, and technology cannot replace the willingness to die for one's country.

Defeat or redefinition?

The debate boils down to two views. One holds that true victory is economic: if the country earns more, sells more energy and its companies control the reconstruction, the rest is noise. The other warns that the erosion of military credibility and the empowerment of actors like Iran will eventually take their toll. Who is right will depend on whether the next crisis finds the United States with empty coffers or with its financial muscle intact. For now, the coffers are still full.