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 at Sea by Controlling the Air: The Strategic Centrality of Airbase Defense
English Summary
The paper argues that countering China’s anti-access/area denial (A2/AD) strategy requires shifting airbase defense from a passive measure to an offensive enabler. The core finding is that developing layered missile defenses, particularly directed energy weapons, at critical air installations can neutralize the threat posed by Chinese forces like the PLARF. By ensuring sustained airpower generation from forward bases, robust active defense restores U.S. air dominance and significantly undercuts China’s maritime ambitions. Strategically, this approach is necessary to project decisive power needed to control global commons and counter Beijing's expansionism.
中文摘要
本文論述，要有效應對中國的「反介入/區域拒止」（A2/AD）戰略，必須將空基防禦從被動措施轉變為主動賦能。核心發現指出，在關鍵的空軍基地部署分層式飛彈防禦系統，特別是定向能武器，能夠有效化解中國武力（如解放軍空軍）所構成的威脅。透過確保前進基地持續產生空中力量，強化的主動防禦能力將恢復美國的海上空域優勢，並大幅削弱中國的海權野心。從戰略角度來看，採取此類方法對於投射控制全球公域、遏制北京擴張主義所必需的決定性力量至關重要。
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