The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
The Dollar Boomerang Threat: Washington’s Push to Back the Yen
English Summary
The joint U.S.-Japan intervention to prop up the yen is primarily motivated by protecting U.S. Treasury markets and mitigating "dollar-boomerang" risk, rather than solely assisting an ally with currency volatility. Due to the dollar's overwhelming global dominance, foreign currency weakness poses a direct threat of contagion back to U.S. financial stability and asset prices. Consequently, Washington is increasingly using coordinated interventions—even through the Treasury—to manage external risks, protect its core assets, and ensure that volatile foreign market movements do not undermine domestic economic goals or raise concerns about inflation/yields.
中文摘要
美日聯合干預日圓的主要動機，並非單純地協助盟友應對貨幣波動，而是更側重於保護美國財政市場，並減輕「美元回衝」風險。由於美元在全球的壓倒性主導地位，外匯走弱會直接威脅到美國金融穩定和資產價格，造成傳染效應。因此，華盛頓正越來越多地利用協調干預——甚至透過財政部（Treasury）——來管理外部風險、保護其核心資產，確保波動的外匯市場動態不會損害國內經濟目標或引發關於通貨膨脹/殖利率的擔憂。
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