美债如烫手山芋，中国果断撤离，加拿大背刺，美国危机进入倒计时

Group 1 - Canada sold $56.7 billion in U.S. Treasury bonds in October 2025, a more aggressive move than China's $11.8 billion reduction, indicating a significant shift in ally dynamics [1] - The total U.S. national debt has surged to $37 trillion, increasing by $1 trillion every five months, a record-breaking pace [3] - The liquidity of the U.S. Treasury market has declined, with turnover rates dropping from 12.6% in 2007 to 3.2% in 2024, leading to increased price volatility during market disruptions [4] Group 2 - The "Big and Beautiful" Act signed in July 2025 is projected to increase the fiscal deficit by approximately $3.4 trillion over the next decade, raising concerns about the U.S. government's debt repayment capacity [6] - The U.S. federal government is facing a fiscal deficit of $1.83 trillion for the 2024 fiscal year, creating a vicious cycle of increasing debt and interest payments [7] - Political pressure from the Trump administration to influence the Federal Reserve's independence poses risks to the credibility of the U.S. dollar and investor confidence in U.S. Treasuries [9] Group 3 - The erosion of the U.S. Treasury's "safety premium" is exacerbated by actions such as financial sanctions and proposals to alter the structure of U.S. debt, leading to increased market concerns [11] - Global capital is reassessing the value of dollar assets, with countries like China diversifying their reserves away from U.S. Treasuries and Canada aggressively selling them [12] - Asian countries, as the largest official holders of U.S. Treasuries, are considering adjustments to their foreign exchange reserve structures to reduce reliance on U.S. debt and strengthen regional financial cooperation [14]