#波场ETF The Federal Reserve's "Financial Conspiracy": The Global Harvesting Logic Behind High Interest Rates

On the global economic chessboard, the Federal Reserve is playing a grand game using interest rates as its pieces. Maintaining the current high interest rates is no accident, but rather a carefully designed financial hunt — by creating a dollar siphon effect, it allows global capital to continuously flow back to the United States.

The core logic of this conspiracy is as follows:

1. Creating a Interest Rate Trap: With Europe and Japan maintaining zero interest rates, a 5% yield on U.S. Treasury bonds becomes an irresistible temptation. For example, in 2023, the share of dollar assets in global cross-border capital flows surged by 37%, reaching a nearly ten-year high.

2. Dual Harvesting Mechanism: A strong dollar crushes debtor nations (countries like Sri Lanka have already gone bankrupt) while diluting U.S. overseas debt. U.S. companies achieve "accounting growth" through exchange rate differences from overseas profits, as seen in 2023 when S&P 500 companies' exchange rate gains skyrocketed by 215% year-on-year.

3. Financial Warfare Combination: In conjunction with tariffs and technological blockades against China, a comprehensive strike combining trade and finance is formed. The proportion of U.S. dollars in China's foreign exchange reserves has dropped from 79% in 2016 to 58%, but it remains the largest holder.

The cost of this gamble is beginning to show: for instance, the number of U.S. small and medium banks that collapsed in 2023 reached a new high since 2008, and the bad debt ratio in commercial real estate broke through 6%. However, the Federal Reserve's calculation is very clear — trading short-term pain for long-term hegemony, as long as they outlast their competitors.

The global de-dollarization process is accelerating, but the dollar still accounts for 42% of SWIFT settlement volumes. The winning or losing hand in this century's game may hinge on who first breaks through the "dollar dependency" prisoner’s dilemma. As central banks in various countries have continuously net increased their gold reserves for 18 months, a new monetary landscape is already taking shape.