Might want to elaborate a little, actually... A Cold War between who?

Seems like a fairly active war against ISIS for the most part, with a smattering of proxy wars across the globe.

But isn't that exactly how the Cold War works proxy wars across the world. This time Russia has a strong China on its side vs a weak US and its so-called allies.

Proxy wars yes, but the aim of those proxy wars isn't completely focused on outmanuevering one another. Russia has reasons, such as the year round warm water Mediterranean ports, for wanting to see Assad propped up, but the tensions are no where near those of the previous Cold War, nor are the stakes. Russia is far weaker, both militarily and economically, than they were the first time around.

You've a rather odd view of the circumstances, by the way. China and the U.S. are certainly unspoken rivals, but they are absolutely dependent on one another. There's been a friendship of convenience between Russia and China to reduce US influence in Asia, the pacific, and Europe, but both have alienated themselves by doing so (note the militarizing and strengthening of ties between Japan/South Korea/Australia/Taiwan/Indonesia and the USA in the Pacific as they fear China's intentions for the region). Russia, meanwhile, is still under heavy sanctions and can count almost no one among their friends.

Otherwise, the U.S. military still holds a massive advantage over the other two, especially in regards to the all important "force projection" capabilities and navy. I'm not sure where you're getting this idea that they're actually weak as, if you're referring to the slower economy or rising debt, those are two things that would likewise destroy your proposed opponents (China/Russia) should they ever cause economic collapse.

Really, China and the U.S. are, in my mind, more akin to the tense but brilliant trade relationship you saw between the U.S. and UK in the 19th century. There's little room for an actual war between the two as they'd be economically devastating (not to mention China can not yet hope to win as their own admirals have stated in the recent past) and they're far better off maintaining what they've thus far built.

There's no real Cold War yet, then... Instead there's a rush to defeat ISIS and replace it with whatever seems most advantageous to the participant. There will always be disagreement there, especially so long as Russia tries (vainly) to reestablish the kind of empire it held in the past which, so far, has yielded little more than a damaged reputation, economic turmoil, and the money sink known as the Crimean Peninsula.

Russia's economy is in shambles. China's is weakening as the days go by. Neither country's weapons systems come close to matching the might of America's. Heck, a Turkish pilot flying a US built F-16 took down a Russian pilot flying his country's SU-24. That event speaks volumes as to the quality of US weaponry. Everyone needs to step back, and take a deep breath.

Things are not so bad. Hell, I remember the 80s with President Reagan and people were overreacting with NATO deploying Pershing 2 missiles and GLCMs to counter the Soviet SS-16s, and many people were saying WW3 was gonna occur then. Give it a week or so, this will all die down.

Cause you're hot then you're cold, you're yes then you're no! :P

On a serious note, I think we haven't entered a cold war. At least for now... but hopefully this never happens again!

I call the intervals between God of War releases "The Cold War".

Nothing like the Cold War yet. The Cold war proxy wars required 2 drafts from the US (Korea and Vietnam). Thus far only volunteers suffice for the engagements.

There are certainly mutual fears, that's just human nature. They're testing one another's limits as great powers tend to do... China is building artificial islands to make a (illegal by international law) claim on the nearby sea lanes/trade routes (another reason their neighbors are worried about them) and the U.S. likes to sail right on by them to show they don't recognize those claims. These are the sorts of territorial and trade disputes that are always going on, not at all indicative of some grander global Cold War.

I'm not sure where you're getting your oil numbers. The U.S. already produces the most oil in the world (about 25% more than Russia) and if you were only to count the top 5 producers Russia only accounts for about 25% of their output. You also don't seem to be considering that Russia's economy is already in shambles and simply cutting off the oil would be disastrous for them more so than anyone else.

Otherwise, Russia seized the Crimean peninsula from Ukraine, it's yielding them virtually no benefits, costing them a fortune, and led to endless sanctions.

Basically, your grandfather's USSR this is not... Again, while Putin may be throwing his weight around in an effort to reassert Russian relevancy, it is a far, far weaker country than it was fifty years ago. The current circumstances are enormously different from those first few years following the end of WWII.

This is world war 3, they're just calling it war on terror.

US has been anti PoC since its inception, then Nixon started trade talks again. Russia seizing a country is much like US taking Iraq or Afghanistan. The difference being Russia could not do it from so far away as the US can.