美高层起内讧，特朗普公开表态，贝森特因搞不定中国遭解雇？

Core Viewpoint - The article discusses the precarious situation of U.S. Treasury Secretary Besant, highlighting the tension between political pressures from President Trump and the independent monetary policy of the Federal Reserve, amidst a backdrop of significant national debt and economic instability [1][25]. Group 1: Economic Context - The U.S. national debt has reached an unprecedented $38 trillion, raising concerns about its sustainability and the potential classification of U.S. Treasuries as "credit assets" rather than risk-free [1][25]. - Analysts are increasingly skeptical about the long-term viability of U.S. debt, with some predicting that the U.S. may rank at the bottom among major global markets in terms of asset returns over the next decade [1][25]. - The economic growth driven by debt rather than productivity or innovation suggests that long-term returns may be overestimated [2]. Group 2: Political Dynamics - The political landscape is characterized by extreme polarization, making it difficult to implement long-term reforms necessary for economic recovery [7][25]. - Trump's administration is seen as shifting blame internally, with Besant becoming a scapegoat for broader systemic issues rather than a reflection of his capabilities [5][19]. - The article suggests that the U.S. is experiencing a decline similar to that of the British Empire, where internal weaknesses are masked by attempts to maintain external dominance [12][13]. Group 3: Market Implications - The independence of the Federal Reserve is under threat from political pressures, which could undermine the credibility of U.S. financial markets and the dollar's status as the world's reserve currency [10][25]. - The yield curve inversion indicates that investors are anticipating a future economic recession, reflecting a lack of confidence in the current economic trajectory [9][25]. - The ongoing political maneuvering and failure to address structural economic issues may lead to a permanent reduction in the "safety premium" associated with U.S. assets [10][25].