以下文章来源于妙投APP ，作者丁萍 妙投APP . 出品 | 妙投APP 作者 | 丁萍 头图 | AI生图 一场系统性的"大贬值"，正以前所未有的规模席卷全球，而它的风暴眼，就在华盛顿的美联储。 这个曾经被视为全球金融稳定器的机构，如今正悖论般地，沦为这场大贬值的加速器。它所承受的，远非寻常的压 力—— 左侧是通胀复燃的深渊，右侧是经济衰退的悬崖，而它的脖子上，还架着一把来自白宫的利刃 。 这幅内外交困的狼狈景象，与多年前一本名为《大贬值》的著作中的预言，精准地重合了。当经济学家丹尼尔·巴 拉塔在这本书中写下"债务炸弹"与"危机周期"的预言时，市场一笑置之，视其为又一次危言耸听。 但到了今天我们才惊骇地发现，那并非预言，而是早已写好的剧本。 美元资产大规模贬值的核心，实际上就是规则制定者权威的崩塌，制度功能的失灵，而这又会波及到每一个普通人 的钱包。 那么，在这场"大贬值"中，我们该如何保住自己的筹码？ 购买力的侵蚀 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 本文播客版由豆包AI播客功能自动生成 我们正处在一场由美元主导的体系性"大贬值"中，而顽固的通胀，就是这场贬值 ...

Core Viewpoint - A systemic "devaluation" is sweeping the globe, with the Federal Reserve in Washington at its center, transforming from a stabilizer to an accelerator of this devaluation [1][2] Group 1: Economic Indicators - The inflation rate in the U.S. has risen to 2.7% as of June 2025, with the core PCE price index also stubbornly at 2.7% in May [3] - The U.S. federal deficit exceeded $1.3 trillion in the first six months of the 2025 fiscal year, averaging over $70 billion in debt issuance daily [6] - Interest payments on U.S. debt are projected to exceed $1.3 trillion this year, surpassing the defense budget and becoming the fastest-growing expenditure in the federal budget [6] Group 2: Debt and Fiscal Policy - The U.S. national debt is expected to reach $50 trillion, with current levels already surpassing $36 trillion [5] - The "Inflation Reduction Act" signed in July 2025 raised the debt ceiling by $5 trillion, leading to an estimated increase of over $3.4 trillion in new debt over the next decade [7] - By 2025, $9.2 trillion of national debt will mature, representing a quarter of the total debt, complicating refinancing efforts in a high-interest environment [6] Group 3: Trust and Credibility - The independence of the Federal Reserve is under threat due to political pressures, particularly from former President Trump, which undermines market expectations [8][9] - The global consensus on the dollar is eroding, with countries increasingly opting for alternatives like gold and bypassing the dollar in trade [10][11] Group 4: Investment Strategies - Diversification is crucial as the era of solely betting on dollar assets is over; attention should shift to undervalued assets in markets like A-shares and Hong Kong stocks [14] - Scarcity is becoming a key value anchor, with gold and commodities likely to retain value during inflationary periods due to their limited supply [15] - Stablecoins are not a reliable value anchor as they are still tied to the dollar's credibility, which is under threat [16]