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 State and the Soldier: A History of Civil-Military Relations in the United States
English Summary
The article argues against a strict separation between civilian and military affairs, emphasizing that while the military must remain under civilian control, the relationship is inherently intertwined. It reasons that historical American military leaders, despite occasional challenges to civilian authority, have generally maintained loyalty to the Constitution. The key policy implication is a warning that the military must avoid partisan domestic politics, stressing that controlling the executive branch is solely the constitutional role of Congress, not the armed forces.
中文摘要
本文論述不應將民事事務與軍事事務進行嚴格分離，強調儘管軍隊必須接受民事控制，但兩者關係本質上是相互交織的。文章指出，歷史上的美國軍事領袖，即使偶爾挑戰民事權威，其忠誠度始終傾向於憲法。其關鍵政策意涵是警告，軍方必須避免捲入黨派性的國內政治。文章特別強調，控制行政部門是國會的憲法職責，而非武裝部隊的職責。
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