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.
Winning the Salvo Competition: How to Rebuild the Air and Missile Defense Industrial Base
English Summary
The article argues that modern warfare, defined by large missile salvos, makes industrial capacity central to defense planning; therefore, nations must proactively rebuild their air and missile defense industrial bases. Scaling production requires more than funding, as evidenced by successful increases in IRIS-T and AMRAAM output, which relied heavily on infrastructure investment, workforce expansion, and adopting advanced digital manufacturing techniques. For policy, the authors recommend that U.S. and allied governments provide stable, multiyear demand signals (e.g., seven-year procurement profiles) while streamlining transatlantic cooperation to ensure a resilient supply chain ready for future conflicts.
中文摘要
本文論述，現代戰場以大規模飛彈齊射為特徵，使得工業產能成為國防規劃的核心要素；因此，各國必須主動重建其空防與飛彈防禦的產業基礎。從成功提升IRIS-T和AMRAAM等產品的產量可見，擴大生產規模不僅需要資金投入，更依賴於基礎設施投資、勞動力擴充，以及採用先進的數位製造技術。在政策層面，作者建議美國及其盟國政府應提供穩定且跨度多年的需求訊號（例如七年採購規劃），並簡化跨大西洋合作機制，以確保建立能應對未來衝突的韌性供應鏈。
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