Stinger missiles now exist, so a country can overcome a deficit of hundreds or thousands-fold in military spending.

We don't see Russia flattening Ukraine.

I view WW2 America as a technical and industrial juggernaut that conquered the world (with the help of her Russian allies), and has knocked over undeveloped tribal peoples since. That industrial and technical power has stagnated while the rest of the world has industrialized.

Even under fiat economics, I don't believe USA, PROC, RF or any of the other "great powers" is in a position to wage total war against any of the others.

I believe that we are heading for a gold standard world again, and that this will further suppress international conflict as it becomes even less affordable than it is now.