There's a lot of people pinning their hopes on the global south and the decline of the dollar. I just don't see it, and it seems like wishful thinking. If there were a real risk to US supremecy, we'd see serious chaos unfold, setting them (edit: not the US) back significantly. The gloves are still on just now.

The US chooses when and how to intervene. With Israel vs Iran, it was clear. With NATO, it is clear. With Ukraine, it is still wishy washy - Ukraine can't lose, but it doesn't need to win for the US' strategic goal of a weakened russia to be met. One can easily argue that it helps. Russia and its allies will continue to shit stir in "minor" ways elsewhere as a result, distracting but not really hurting the US.