>Thus the semiconductor market in 2021 is a fully baked cake. You can’t just swap some ingredients out in response to a one-off military invasion, and then keep trucking along. No, we’ll have to bake a whole new cake if TSMC goes bye-bye. And that will be painful for everyone, everywhere.

Well, tell that to the economists that praised "competitive advantage" out-sourcing of everything:

"Smith outlines the basic theory behind comparative advantage; that it makes more sense to manufacture a good which you have the necessary expertise and materials to produce than to inefficiently allocate your resources to the production of a good that some other country can produce for less overall cost."

Yeah, until that other country becomes an enemy, or a monopoly, or has you by the balls - or another country snaps it or cozies up with it...

But, yeah, who would have though that would ever happen in the "end of history" era.