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.
America the Predatory Hegemon
English Summary
Stephen M. Walt argues that the current American foreign policy constitutes "predatory hegemony," wherein the U.S. uses its overwhelming power to extract short-term concessions and tribute from both allies and rivals in a zero-sum manner. This aggressive shift is presented as a reaction to the perceived failures and excesses of the post-Cold War unipolar order. The reliance on tactics like tariffs and threats, rather than traditional diplomatic restraint, is fundamentally eroding America's long-term global power and stability. Consequently, the article warns that medium powers must cooperate among themselves to defend their interests and seek a more equitable partnership with the United States.
中文摘要
史蒂芬·M·沃尔特（Stephen M. Walt）主張，當前的美國外交政策構成「掠奪性霸權」（predatory hegemony）。根據此觀點，美國利用其壓倒性的力量，以零和模式從盟友和競爭對手身上榨取短期利益和貢品。這種激進的轉變被視為對後冷戰單極秩序的既有失敗和過度行為所產生的反應。文章指出，美國過度依賴關稅和威脅等戰術，而非傳統的外交克制，正在從根本上侵蝕其長期的全球權力和穩定性。因此，本文警告稱，中等國家必須相互合作，以捍衛自身利益，並尋求與美國建立更公平的夥伴關係。
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