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 Middle Power Delusion
English Summary
The article argues that the current focus on 'middle power' autonomy and a multipolar world is a delusion, as these states are not gaining power but are becoming more exposed. Historically, middle powers thrived under the shelter of great power competition and stable globalization; however, the increasing predatory nature of the US and China—using tech restrictions and supply chain controls—is making 'hedging' nearly impossible. Consequently, states must abandon the fantasy of free agency and instead pursue strategic alignment with a great-power system that offers the best protection, while simultaneously building robust national strength within that chosen coalition.
中文摘要
本文論點指出，當前過度關注「中等強國」的自主性以及多極化世界，是一種誤解。事實上，這些國家並非正在獲取力量，反而正變得更加脆弱。從歷史上看，中等強國曾受益於大國競爭和穩定的全球化環境；然而，美中兩國日益增長的掠奪性——透過技術限制和供應鏈控制——使得「權衡」策略幾乎不可能實施。因此，各國必須放棄自由行動的幻想，轉而尋求與某一大國體系進行戰略靠攏，以獲得最佳保護，同時在所選擇的聯盟內部建立強健的國家實力。
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