I fence saber and the "old school" moulinets, a cut needed for effective use of a real saber in real combat, have pretty much disappered.
They are not needed for Olympic style competition.
The fingers and to a lesser extent the wrist do much of the work now.
And they allow bladework that would be nearly impossible with anything other than a "competition blade."
I certainly have nothing against moulinets/molinelli from the elbow, but it should still be pointed out that effective cuts can indeed be launched from the wrist. This was the preferred method of cutting in 16th/17th century rapier fencing, and it was even used judiciously in 18th century Anglo-Scottish broadsword & backsword-play. Several period fencing masters mention this.
And the rapier blades, being so narrow and of so small substance, and made of a very hard temper to fight in private frays... do presently break and so become unprofitable. --Sir John Smythe, 1590