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.
Total Defense for an Era of Total War
English Summary
The article argues that the U.S. must adopt a 'total defense' posture to prepare for an era of total conflict, emphasizing the vulnerability of critical infrastructure. Evidence points to Chinese state-backed groups, such as Volt Typhoon, compromising municipal systems (e.g., water utilities) not for data theft, but to gain strategic leverage. This capability allows adversaries to sow domestic chaos and undermine U.S. resolve during a future conflict. Policy implications mandate a proactive shift toward securing essential infrastructure against sophisticated, state-sponsored cyber threats to maintain national resilience and deter foreign aggression.
中文摘要
本文論述美國必須採取「總體防禦」態勢，以應對全面衝突時代，並強調了關鍵基礎設施的脆弱性。證據指出，中國國家支持的群體，例如 Volt Typhoon，所入侵的市政系統（例如供水設施），目的並非竊取數據，而是獲取戰略籌碼。此等能力使敵對勢力能夠在未來衝突期間引發國內混亂，並削弱美國的決心。政策意涵要求美國必須主動轉型，加強對關鍵基礎設施的保護，以應對複雜的國家支持型網路威脅，從而維持國家韌性並威懾外國侵略。
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