As the 'oldest' of the three major rating agencies, since Moody's first published a credit rating in 1917, the United States has maintained Moody's highest credit rating, which means it has upheld its AAA rating for 108 years until it was completely shattered this time.
The phased success of the China-US negotiations has not alleviated the crisis of US debt, because America's problem has never been China, but itself. What is America's biggest problem? On the surface, it seems that it owes too much debt. Even Buffett mentioned at a shareholders' meeting that if he were tasked with reducing US debt, he wouldn't take it on, because it is an impossible task.
From a deeper perspective, the main issue for the United States is actually at the level of economic theory, namely the Triffin dilemma. This means that the hegemony of the dollar and trade surpluses cannot coexist.
To maintain the status of the US dollar as the world currency, some form of continuous provision of dollars to the world is needed, and this form mainly comes from trade deficits. The United States sends dollars to the world by purchasing goods, but as the whole world develops, the demand for dollars increases, which means the US has to bear increasingly high debts to print money to supplement the dollars.
Essentially, the United States is exporting its national debt in exchange for other goods, using trade deficits to obtain financial surpluses. But there will be a day when, once the debt accumulates to a certain extent, the credibility of the dollar will be damaged, and other countries will worry that the United States cannot repay its debt, leading to the bankruptcy of the dollar's credibility and the end of its status as the world's currency.
And if that time comes, there must be a financial or other form of war, where the United States must plunder the wealth of other countries to bolster its debt collateral, in order to alleviate the outcome of the Triffin dilemma.
So if the United States does not choose to engage in a game of confrontation, but instead chooses to win-win with other countries, through technology and the subsequent improvement of productivity,
Accumulating more wealth can actually solve problems as well. However, due to the systemic issues in the United States, a large amount of wealth accumulated from globalization and technological development cannot be used to repay America's debt, but instead falls into the hands of a few tech giants.
To put it bluntly, if the seven major tech giants in the United States were not completely private, but rather state-owned or had state capital participating in their shares, then America's debt would probably not be so fragile. But the American system is what it is, so from an economic perspective, the Triffin dilemma is almost unsolvable; only through significant reforms at the monetary or ownership level will the United States have a chance to completely resolve this debt.
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