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 Triangle of Power: Rebalancing the New World Order
English Summary
The article posits that the international system is at a crossroads, facing a choice between a multipolar world of competing spheres of influence (Yalta logic) or an open, cooperative multilateral order (Helsinki logic). This contest is defined by three major coalitions: the 'Global West' (US, Europe, Japan), the 'Global East' (China, Russia), and the pivotal 'Global South.' The Global South is identified as the decisive factor in determining the future global order. Policymakers are advised that the West must adopt a strategy of 'pragmatic realism,' engaging with both the East and the South to rebuild a rules-based global system centered on the UN.
中文摘要
本文提出，國際體系正處於十字路口，面臨兩種選擇：一是由相互競爭的勢力範圍構成的多極世界（即「雅爾塔邏輯」）；二是開放、合作的多元體系（即「赫爾辛基邏輯」）。這場競爭主要由三個主要陣營定義：『全球西方』（美國、歐洲、日本）、『全球東方』（中國、俄羅斯）以及關鍵的『全球南方』。文章指出，全球南方是決定未來全球秩序的關鍵因素。本文建議政策制定者，西方世界必須採取「實用現實主義」的策略，與東方和南方進行互動，以重建一個以聯合國為核心的、基於規則的全球體系。
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