While the US has designated a number of Hamas financiers and taken other economic sanctions against the organization since the start of the Gaza war, its measures appear to be no more that going through the motiions and messaging that it is continuing to take action against terrorism.” In practice, however, the American measures are an yet another indication of the growing decline in recent years in the power and ability of the United States to wage economic campaigns against terrorist organizations, rogue states, and China. We are witnessing a significant erosion in the effectiveness of one of the most significant tools in the American toolbox against terrorism and rogue states since September 11, 2011.