The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
The FISA Section 702 Lapse “Going Dark” Myth
English Summary
The article argues that the fear surrounding a temporary lapse of FISA Section 702—the 'going dark' myth—is largely unfounded. Intelligence collection can continue through multiple alternative authorities, including Executive Order 12333, traditional Title I warrants, and existing FISC certifications, even if the statute lapses. Furthermore, the Attorney General retains emergency surveillance powers, ensuring continuity of operations. While the lapse wouldn't immediately halt intelligence gathering, the primary policy focus must remain on reforming Section 702 to mandate probable cause before the FBI searches Americans' digital data.
中文摘要
本文論述，圍繞《法案》第702條款（FISA Section 702）暫時失效所引發的「資訊黑洞」（going dark）恐懼，在很大程度上是毫無根據的。即使該法規失效，情報蒐集仍可透過多種替代權限持續進行，包括行政命令12333號（Executive Order 12333）、傳統的《法典》第一篇搜查令（Title I warrants），以及現有的FISC認證。此外，司法部總檢察長仍保留緊急監控權力，確保了運營的連續性。雖然法規失效不會立即停止情報收集，但主要的政策重點必須仍放在改革第702條款，以要求在FBI搜尋美國公民數位資料前，必須具備合理懷疑理由（probable cause）。
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