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.
Learning to Live With a Nuclear North Korea
English Summary
The article argues that decades of U.S. policy aimed at denuclearizing North Korea have failed, allowing the regime to successfully accelerate its nuclear program and solidify its rule. North Korea has skillfully leveraged shifting geopolitics, bolstering ties with China and Russia, which has rendered previous containment strategies obsolete. Consequently, the U.S. must abandon the goal of complete denuclearization and instead craft a new, pragmatic strategy focused on 'managing' the threat to achieve a stable, albeit cold, peace on the Korean Peninsula.
中文摘要
本文論述，美國數十年來旨在使北韓非核化的政策已然失敗，反而讓該政權成功加速了其核武計畫並鞏固了其統治地位。北韓巧妙地利用了不斷變化的地緣政治格局，加強了與中國和俄羅斯等國的關係，使得過去的遏制策略已然過時。因此，美國必須放棄完全非核化的目標，轉而制定一套新的、務實的策略，著重於「管理」此一威脅，以期在朝鮮半島實現一種穩定但冷淡的和平。
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