It is the various U.S. Navy fleets and numbered air forces that are the ultimate guarantor of stability in the key theaters of the globe. The U.S. Seventh Fleet, because it can easily defeat any rival, keeps the peace of East Asia. The spectacular Asian economic boom that commenced in the late Cold War decades is simply impossible to even imagine without the security provided by the U.S. military. Take away the Seventh Fleet and the chances of China and Japan going to war increase dramatically, roiling financial markets in the process. It is the Seventh Fleet that still stands in the way of China being able to Finlandize South Vietnam, the Philippines, Malaysia, Singapore and Indonesia. Wide stretches of the Middle East may be in chaos or semi-chaos, but it is U.S. air and sea power that helps prevent a Persian Gulf war between Iran and Saudi Arabia and provides ultimately for the security of Israel and Jordan. As for Europe, without U.S. military power Russia is more dominant than the European Union on the Continent, and the independence of the Baltic states, Poland and Romania is crushed or dramatically diluted. Geography certainly matters, and Europe's freedom survives best because of the geographical breadth of the U.S. military.
And yet our military has yet to get a Nobel Peace Prize for its accomplishments let alone its potential.