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The purpose is to fund the military industrial complex and keep communism at bay. The USA has been quite successful in this regard. But one can only delay the inevitable for so long. The overall tendency for profit to decline means that capitalism will end one day, one way or another.
Yeah, the title spells it out perfectly. The only other function for the eternal war is to serve as an distraction from internal problems (but that's more of a bonus on top of the spending).