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 Postliberal Superpower
English Summary
The article argues that the current US foreign policy is undergoing a 'postliberal' shift, moving away from adherence to the rules-based international order and toward a model rooted in raw power politics. This shift is evidenced by the revival of doctrines like the Monroe Doctrine and the emphasis on 'hardnosed realism' in the 2026 National Defense Strategy. The policy signals a preference for unilateral action and power balancing over multilateral cooperation or international norms. Policymakers should anticipate a strategic pivot that prioritizes immediate national power interests, potentially complicating traditional diplomatic alliances.
中文摘要
本文論述當前美國的外交政策正經歷一場「後自由主義」轉變，其趨勢是從遵循基於規則的國際秩序，轉向以原始權力政治為根基的模式。這一轉變的證據包括門羅主義等學說的復興，以及在2026年《國防戰略》中對「堅硬現實主義」的強調。此一政策訊號表明，美國傾向於單邊行動和權力平衡，而非多邊合作或國際規範。政策制定者應預期一場戰略轉向，該轉向將優先考慮眼前的國家權力利益，這可能會使傳統的外交聯盟面臨複雜化。
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