The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
US Fiscal Dominance, the Coming Fiscal Inflection Point, and How Congress Can Fix the Debt Crisis (Before It’s Too Late)
English Summary
The United States faces an imminent risk of 'fiscal dominance,' where unsustainable federal debt levels may eventually force the Federal Reserve to abandon its inflation-control mandate to finance government spending. Projections indicate that by 2036, mandatory spending on entitlements and interest payments will consume 100% of federal revenue, with the impending depletion of Social Security and Medicare trust funds by 2032 serving as a critical market inflection point. To avert a sovereign debt crisis and persistent inflation, Congress must implement structural entitlement reforms, establish a credible deficit target of 3% of GDP, and utilize a bipartisan fiscal commission to overcome political inertia.
中文摘要
美國面臨「財政主導」（fiscal dominance）的迫切風險，即不可持續的聯邦債務水平最終可能迫使聯準會放棄其控制通膨的職責，轉而為政府支出提供資金。預測顯示，到 2036 年，福利計畫與利息支出的強制性支出將消耗聯邦總收入的 100%，而社會安全金與醫療保險信託基金預計將於 2032 年耗盡，這將成為市場的一個關鍵轉折點。為避免主權債務危機和持續性通膨，國會必須實施結構性的福利計畫改革，設定佔 GDP 3% 的可靠赤字目標，並利用跨黨派財政委員會來克服政治慣性。
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