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.
Fascism and the Global Far Right: A Historical View
English Summary
The historians argue that while contemporary global far-right movements exhibit fascist elements—such as reactionary nationalism and xenophobia—the full reemergence of consolidated, single-party fascism is unlikely. They differentiate historical fascism, which was a unique 20th-century phenomenon tied to post-WWI trauma and economic collapse, from modern movements. While the term 'fascist' is often used today as an adjective describing political techniques rather than a state structure, the persistence of these extremist methods remains a concern. Policy focus should therefore shift from anticipating a total collapse to monitoring the ideological creep and specific tactics employed by these groups.
中文摘要
歷史學家認為，儘管當代全球極右翼運動展現了法西斯元素——例如反動民族主義和排外主義——但整合的單一政黨法西斯主義完全重現的可能性不大。他們將歷史上的法西斯主義，這種與一戰後創傷和經濟崩潰相關的獨特二十世紀現象，與現代運動區分開來。雖然「法西斯」一詞如今常作為形容詞來描述政治手法，而非國家結構，但這些極端主義方法的持續存在仍是令人擔憂的。因此，政策重點應從預測全面崩潰，轉向監測這些群體的意識形態滲透和具體戰術。
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