美国又出手！冲击全球的大动作要来了

Core Viewpoint - The "One Big Beautiful Bills" legislation is crucial for the global capital market's trajectory in the second half of the year and could significantly impact wealth over the next few years [1][6]. Summary by Sections Legislation Overview - The "One Big Beautiful Bills" legislation aims to reduce taxes by $4 trillion and increase the debt ceiling by $5 trillion, primarily benefiting corporations and wealthy individuals to attract investment back into the U.S. manufacturing sector [7]. - The legislation's core logic involves providing tax cuts for the wealthy while increasing debt to maintain fiscal spending, leading to a historical high in U.S. debt exceeding $41 trillion [7]. Debt Management Strategy - The increase in U.S. debt is seen as a means to manage the debt crisis and maintain the dollar's hegemony, despite concerns about the declining credit quality of U.S. debt [9]. - The proposed "Pennsylvania Bill" aims to convert foreign-held debt into domestic debt, reducing reliance on foreign investors [11]. Economic Measures - The strategy includes depreciating the dollar and lowering interest rates to facilitate the debt replacement process, similar to Japan's long-term economic approach [13][15]. - The U.S. government may encourage domestic institutions to purchase long-term U.S. debt, potentially mandating retirement plans to allocate a significant portion to U.S. bonds [11]. Implications for Currency and Assets - The transition to domestic debt could lead to a depreciation of the dollar, impacting its status as the world's primary payment currency [16]. - The introduction of stablecoin legislation aims to maintain the dollar's relevance in international trade, allowing for indirect use of the dollar through digital currencies [16]. Investment Opportunities - The anticipated depreciation of the dollar and U.S. debt prices may create a favorable environment for safe-haven assets such as precious metals, high-dividend stocks, and stable income bonds [16]. - The recent regulatory changes regarding cash purchases of gold signal a shift towards valuing tangible assets, indicating potential investment strategies for wealth protection [16].