36万亿美债还不起，特朗普决定弄死大债主，为此不惜“自曝家丑”调查美联储主席！美元霸权崩塌进行时

Core Viewpoint - The article discusses the escalating tension between the Trump administration and the Federal Reserve, highlighting the political pressure exerted on the Fed regarding interest rates amidst a rapidly increasing national debt, which has significant implications for the U.S. economy and global financial stability [2][3][4][5]. Group 1: U.S. National Debt - The U.S. national debt has surged dramatically, exceeding $36 trillion by November 2025, with an average daily increase of $44.2 billion [3]. - Interest payments on the national debt reached $881 billion in the 2024 fiscal year, accounting for 3.1% of GDP, the highest since 1996 [3]. - By the first half of the 2025 fiscal year, interest payments had already reached $582.5 billion, becoming the second-largest government expenditure after Social Security [3]. Group 2: Trump's Economic Strategy - The "Big and Beautiful" strategy introduced by the Trump administration includes tax cuts, tariffs, and pressure on the Federal Reserve [4]. - The tax cuts are projected to reduce government revenue by approximately $4.5 trillion over the next decade, leading to an increase in the fiscal deficit by about $3.4 trillion [4]. - Tariffs on Chinese goods escalated significantly, with rates reaching as high as 125%, generating approximately $195 billion in tariff revenue for the fiscal year [5]. Group 3: International Response to U.S. Debt - Major foreign holders of U.S. debt, particularly China, have begun to reduce their holdings significantly, with China's holdings dropping to $683.5 billion by December 2025, a 42% decrease from its peak [6]. - Other countries, including Japan and the UK, have also reduced their U.S. debt holdings, indicating a broader trend of international investors losing confidence in U.S. debt sustainability [6]. Group 4: Shift to Gold - There has been a notable increase in global central bank gold purchases, with net purchases reaching 634 tons in the first three quarters of 2025, reflecting a strategic shift away from U.S. debt [7]. - The total value of global official gold reserves surged to $4.5 trillion, surpassing U.S. debt for the first time since 1996 [7]. Group 5: Decline of U.S. Dollar Credibility - The U.S. credit rating was downgraded by Moody's to Aa1, with all major rating agencies stripping the U.S. of its AAA rating due to excessive debt and political polarization [8]. - The "weaponization" of the dollar has raised concerns among countries about the risks of holding dollar-denominated assets, prompting a move towards using local currencies in international trade [8]. Group 6: Impact on Federal Reserve Independence - The Trump administration's public challenges to the Federal Reserve's independence, including threats against Chairman Powell, have undermined confidence in U.S. monetary policy [9]. - Following the announcement of Powell's criminal investigation, the dollar weakened while gold prices surged, indicating a flight from uncertainty [9].