The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
Finding China in the U.S. TIC Data
English Summary
The analysis argues that China's true holdings of U.S. bonds cannot be accurately assessed by relying solely on the direct U.S. TIC data. By adjusting for indirect accumulation through multiple non-U.S. custodians (such as Canada and various European financial centers), the report counters the narrative that falling U.S. bond holdings signal a major de-dollarization effort. The evidence suggests that China maintains a stable and significant share of U.S. assets, implying that Beijing is sophisticated in masking its true financial flows. Policymakers should therefore look beyond simple custodial data to gauge China's actual financial intentions and global reserve management strategies.
中文摘要
本分析指出，僅依賴美國的直接TIC數據無法準確評估中國實際持有的美國債券量。報告提出，若調整納入透過多個非美國託管人（例如加拿大和各歐洲金融中心）進行的間接累積，便可反駁「美國債券持有量下降代表中國正在進行大規模去美元化」的說法。證據顯示，中國維持著穩定且可觀的美國資產佔比，暗示北京在掩蓋其真實金融流動方面具有高度的複雜性。因此，政策制定者應超越單純的託管數據，以評估中國的實際金融意圖和全球儲備管理策略。
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