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 Return of the Great Powers
English Summary
The article argues that the era of Western democratic triumph following the Cold War was an illusion, asserting that great-power dynamics fundamentally define international relations. Key evidence points to the resurgence of revisionist ambitions from China and Russia, coupled with the fracturing of U.S.-led liberal global leadership, making the existing order too risky for autocracies. Consequently, the publication suggests that future global governance will remain defined by intense geopolitical competition, diminishing the ability of middle powers or international institutions to solve major global problems.
中文摘要
本文論述了冷戰後西方民主勝利的時代是個幻象，並主張大國動力學（great-power dynamics）從根本上定義著國際關係。關鍵證據指向中國和俄羅斯等國家修訂主義野心的復甦，以及美國主導的自由全球領導力正在瓦解，使得現行秩序對於威權政體而言風險過高。因此，本出版物提出，未來的全球治理仍將由激烈的地緣政治競爭所定義，削弱了中等強國或國際機構解決重大全球問題的能力。
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