The United States’ proxy war on Russia acts as a prism that refracts the key elements of the underlying unfolding of the geopolitical economy of capitalism and socialism. After an overview of the proxy war on Russia and its position in the wider US strategy ultimately targeting China, this chapter provides an account of how the United States not only failed to create a capitalist world under its domination but how the attempt, tied up as it was with the turn to neoliberalism, enervated the already weak US capitalism and financialised it. It traces the origin of the present conflict and assess how US actions are undermining each of its aims—to unify the world behind capitalism and against China’s socialism, to strengthen its core alliances, to destroy the Russian economy, to defeat Russia militarily and to consolidate US power, particularly that of the dollar creditocracy, over the world economy.