They punished the proxy.

Proxies are like fruits. You go to the tree and grab ten more.

The only people that care about taking it out on the proxies are those impotent and without the will to strike against the real agressors.

Ukraine has lost

For the yanks that's seen as a minor setback. See the fact they are going against Iran now without waiting for Ukraine to be over.

and so has the billions in regime change investment that will never pay out.

A lot of the money has already changed hands so the people in power still come out on top, the only difference is how much they stole.

It’s currency hegemony is dying.

Ageed. But it's not dead yet, and if things continue like this they might never actually die and just stay around, weakend for sure but still lashing out at everyone they can...