美债已经滚到 37 万亿了，为啥还没暴雷？

Core Insights - The U.S. national debt has reached $37 trillion, with a rapid increase in recent months, raising concerns about sustainability [1][4][6] - The Federal Reserve is the largest holder of U.S. debt, and there are underlying tensions between different financial interests in the U.S. [3][7] - The dollar's status as the world's primary currency allows the U.S. to continue borrowing, but this may not be sustainable in the long term [4][7] Debt Dynamics - The U.S. government employs a "borrow new to pay old" strategy, issuing new debt to cover maturing obligations and additional deficits [5][6] - Interest payments on the debt have surged to $1.4 trillion, consuming a significant portion of government revenue [6][7] - The rate of debt accumulation is accelerating, with an increase of $1 trillion every five months, which is double the average rate of the past 25 years [6][7] Global Context - Major foreign holders of U.S. debt include Japan and China, with Japan increasing its holdings significantly in early 2025 [6] - There is a growing trend of de-dollarization, with countries increasingly opting to settle trade in their own currencies, leading to a decline in the dollar's share of global reserves [6][7] - Large investment funds are diversifying their portfolios away from U.S. assets, indicating a potential shift in investment strategies [7][8]