Europe (and by extension the US) were literally built off the back of wealth looted from Africa and other global south nations.

This is another myth that is commonly passed round. Imperialism does not make a nation wealthy (although it is a good means for individuals within an economy to enrich themselves). Trade does. It's a lesson that really needs to be learned so that the same mistakes are not made again.

Imperialism is extremely expensive: it's effectively perpetual war. There is a reason why Spain, which was once Europe's imperial superpower, collapsed and never recovered while Germany, Europe's economic centre, never had a successful colonial Empire. Japan too collapsed trying to run and Empire and then became exceedingly wealthy after losing Korea and Manchuria.

America made huge amounts of wealth as an isolationist trading superpower and then went and spent trillions on foreign wars that have not benefited the country as a whole.