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.
2025 Arthur Ross Book Award Ceremony and Meeting: "The Achilles Trap: Saddam Hussein, the C.I.A., and the Origins of America's Invasion of Iraq”
English Summary
At CFR’s 2025 Arthur Ross Book Award ceremony, the central discussion around Steve Coll’s The Achilles Trap argued that the Iraq War stemmed not only from U.S. analytic and policy failures but from a profound misreading of Saddam Hussein’s motives and decision logic. Drawing on newly accessible Iraqi archives, tapes of Saddam’s internal meetings, and interviews, Coll showed that Saddam had largely dismantled key WMD capabilities in 1991 yet preserved ambiguity out of regime psychology, deterrence signaling, and distrust that sanctions would be lifted even with cooperation. The conversation emphasized that U.S. policymakers over-relied on partial intelligence and assumptions, while limited direct contact with Baghdad deepened strategic misperception. The policy implication is to prioritize adversary psychology, maintain calibrated channels of communication with hostile regimes, and apply greater analytic humility before irreversible military decisions.
中文摘要
在美國外交關係協會（CFR）2025 年亞瑟．羅斯圖書獎頒獎典禮上，圍繞史蒂夫．柯爾《阿基里斯陷阱》（The Achilles Trap）的核心討論指出，伊拉克戰爭不僅源於美國在分析與政策上的失誤，也源於對海珊動機與決策邏輯的深層誤判。柯爾依據新近可取得的伊拉克檔案、海珊內部會議錄音與訪談顯示，海珊早在 1991 年即大致拆解關鍵大規模毀滅性武器能力，但出於政權心理、嚇阻訊號操作，以及對「即便合作也不會解除制裁」的不信任，仍刻意維持戰略模糊。討論強調，美國決策者過度依賴片段情報與既定假設，而與巴格達直接接觸有限，進一步加深了戰略誤判。其政策啟示是：優先納入對手心理分析、與敵對政權維持經校準的溝通管道，並在做出不可逆的軍事決策前展現更高的分析謙抑。
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