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.
Enduring Hostility: The Making of America’s Iran Policy
English Summary
The article argues that U.S. policy toward Iran is rooted in historical trauma, specifically the humiliations of the Iranian Revolution and subsequent geopolitical crises. This history has fostered a deep-seated belief among policymakers that Iran is an 'abnormal state' that can only be managed through coercion, making conventional diplomacy impossible. The author suggests that this enduring hostility, driven by inertia and risk aversion, has prevented the U.S. from pursuing less costly and potentially more effective engagement strategies. Ultimately, the analysis critiques Washington's inability to act rationally in its national interest regarding the region.
中文摘要
本文論述美國對伊朗的政策，其根源植於歷史創傷，特別是伊朗革命帶來的屈辱感以及隨後的地緣政治危機。這種歷史背景培養出政策制定者一種根深蒂固的信念，即伊朗是一個「異常國家」，只能透過強制手段進行管理，使得傳統外交難以實施。作者指出，這種由慣性與風險規避所驅動的持久敵意，阻礙了美國追求成本更低且潛在更有效的接觸策略。最終，本文批判了華盛頓在國家利益層面上，缺乏理性行動的能力。
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