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.
How Asia Learned to Live With “America First”
English Summary
The article argues that Asian allies are far more pragmatic and less pessimistic about U.S. 'America First' policies than their Western European counterparts. This willingness to accept transactional deals stems from a unique, existential threat posed by China, which makes American security guarantees indispensable for regional stability. Unlike Europe, which feels insulated and prioritizes welfare over defense spending, Asian nations view the U.S. as the only credible check against Chinese dominance. Strategically, this pragmatic alignment suggests that Asia is better positioned to leverage great power competition than Europe, making its alliances more resilient in a rapidly changing geopolitical order.
中文摘要
本文論述亞洲盟友對於美國「美國優先」政策展現出比西方歐洲同儕更務實、更不悲觀的態度。這種接受交易性安排的意願，源於中國所構成的獨特且生存性的威脅，使得美國的安全保障對區域穩定至關重要。與感覺自身有保護傘並將福利置於國防開支之上的歐洲不同，亞洲國家視美方為制衡中國霸權的唯一可靠力量。從戰略角度來看，這種務實的結盟傾向表明，亞洲比歐洲更有能力利用大國競爭的機遇，使其聯盟在快速變化的地緣政治秩序中更具韌性。
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