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Does "policing the world" include all foreign military deployments or just kinetic interventions (or something in between)?

Let’s assume it means all deployments

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There would be significant ramp ups in military spending then, with the removal of military bases from foreign countries. There's been a deal in place (implicitly for the most part) that America will provide defense if those countries play ball and use dollars.

It would save Americans a ton of money and be better for hundreds of thousands of military families. I doubt the concessions we're currently getting benefit normal Americans much, but they're great for the regime.

Assuming we're also including the CIA and other covert meddling, I think we'll discover that a lot of global conflict has been a creation of the American regime.

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