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 Next Taiwan Crisis Won’t Be Like the Last
English Summary
CFR argues that a future Taiwan conflict will likely be a protracted, regional war involving multiple actors and external triggers, rather than a contained three-way contest. The report warns that China’s military modernization and gray-zone tactics have eroded U.S. deterrent advantages and shortened operational warning times. To address these new risks, the U.S. must shift from isolated planning to deeply integrated, pre-crisis consultative mechanisms with regional allies like Japan and the Philippines.
中文摘要
外交關係協會（CFR）指出，未來的台海衝突可能演變為一場涉及多方參與者與外部誘發因素的長期區域戰爭，而非僅限於三方的局限性對抗。報告警告，中國的軍事現代化與灰色地帶戰術已侵蝕美國的威懾優勢，並縮短了作戰預警時間。為應對這些新風險，美國必須將重心從孤立的規劃，轉向與日本及菲律賓等區域盟友建立深度整合的危機前諮詢機制。
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