I wasn't making an argument about interdepence. I was making an argument about one-way dependence. E.g. China being dependent on the rest of the world in very a

I wasn't making an argument about interdepence. I was making an argument about one-way dependence. E.g. China being dependent on the rest of the world in very asymmetric way than the rest of the world is dependent on China. That is a different situation from just observing that there is trade between nations. China has trillions of assets held in custodial accounts in the US and other European nations. The situation is not reversed. We do not have trillions held in custodial accounts by China. It's a one way street. Prior to WW1, trade was roughly balanced within the world. You cannot even compare the situation then and now. Hell, prior to 2000, trade was roughly balanced. What we are seeing now is unprecedented in recorded history.