2025年12月December 2025
债务的终局之战：38万亿美债 VS 300%宏观杠杆率 The Final Battle of Debt: $38T US Debt vs. 300% China Leverage
当今世界，真正的核弹并非在地下发射井中，而是在全球两大经济体的资产负债表上。通胀税、技术革命、金融游戏——三种"非常规"路径将决定新秩序的主导者...
The true threat today is on the balance sheets of the two largest economies. Inflation tax, technological revolution, financial games—three unconventional paths will determine who dominates the new order...