Group 1 - The 30-year US Treasury yield has surpassed the critical 5% mark, causing significant turmoil in global capital markets [1] - The current economic situation in the US is seen as a culmination of three decades of fiscal mismanagement, leading to a clash between inflation control and growth maintenance [3] - The US's urgent call for a second round of talks following the market crash indicates a desperate attempt to stabilize the situation [4] Group 2 - China's new negotiation conditions, including the lifting of technology sanctions and promoting cross-border RMB settlements, aim to strategically undermine the US dollar system [7] - The reduction of US Treasury holdings by China over the past six months, alongside an increase in gold reserves and local currency settlements, suggests a shift towards a new payment network that bypasses the dollar [9] - Global capital movements, such as Japan's secret bond purchases and Saudi Arabia's avoidance of US Treasuries, reflect a collective anticipation of a post-dollar era [9] Group 3 - The Federal Reserve faces a dilemma: raising interest rates to protect the dollar risks crushing corporate debt, while lowering rates to alleviate debt burdens could destabilize the currency [11] - The potential collapse of US Treasuries by 2025 may mark a critical point in the restructuring of the international monetary system, with significant implications for global trade and technology [13] - The current situation highlights the fragility of so-called "safe assets," suggesting that traditional wisdom of holding cash and hard currencies may be more prudent in times of systemic risk [13]

1974年，美国国务卿基辛格与沙特达成协议，美国为沙特石油提供军事保护，而沙特则同意以美元作为石油交易的唯一货币。这一协议很快得到欧佩克其他 产油国的响应，标志着"石油-美元"体系的诞生。1991年苏联解体后，美国成为全球唯一的超级大国，美元进一步巩固了其全球主导地位。 4月财经新势力 一、后美元时代的加速，推动力量不是人民币：为何美元"有出路无退路"？ 美元自1944年取代英镑成为全球主要货币以来，已经有79年的历史。那一年，布雷顿森林会议为美元奠定了世界货币的地位，决定了各国货币的汇率与美元 挂钩，并要求美国将各国中央银行手中的美元按固定汇率兑换为黄金。这一制度基于"美元-黄金本位制"，美元和黄金彼此等价，美国不仅发行美元，还负 有按照35美元兑换一盎司黄金的责任。这也解释了"美金"一词的由来。 美元成为世界货币后，美国的全球霸权野心暴露无遗。美国发动了如朝鲜战争等军事冲突，导致海外军费激增，国际收支持续逆差，黄金储备大量流失。同 时，美联储也秘密扩大了美元的发行量。尽管在1945年，美国掌控了全球75%的黄金储备，但到了1968年，这一比例已经降至25%。直到1971年，美国宣布 停止兑换黄金，标志着布 ...