重启"金融抑制" "金融抑制"（financial repression）最早由新自由主义学派经济学家麦金农和肖在1970年代提出，指的是"政府通过各类政策将原本在自由市场环境下会流 向其他地方的资金引导至自身"[5]。这一过程往往伴随着人为压低利率曲线，以为某种公共政策目标进行廉价融资[6]。虽然新自由主义学派提出这一概念 是为了批判当时发展中国家控制汇率、利率的政策，并推崇"金融自由化"[7]，但事实上，在债务杠杆高企而政府又不得不为功能性财政买单时，"金融抑 制"不失为一种有效的手段。例如，1940年代，美国曾通过"金融抑制"的手段为政府筹款和快速调动生产潜能（参见《美国1930-1960：脱虚向实，走向复 苏》）。自1942年4月至1947年7月，美联储通过无限量购买国库券和承诺购买长债的方式配合财政，将3月期国库券利率控制在0.375%，10年期利率控制 在2.5%[8]（图表1，图表2）。 我们认为，当前特朗普政府的政策目标是明确的：即中长期看解决债务压力和产业空心化问题，而短期则是为了赢得2026年中期选举（参考《2026全球市 场展望：泡沫加速》）。前者要求财政主导、货币配合，后者则要求通胀可 ...

Core Viewpoint - The article discusses the acceleration of "financial repression" in the U.S. under the Trump administration, focusing on measures to lower financing costs and stimulate the economy ahead of the 2026 midterm elections [2][3][5]. Group 1: Financial Repression - "Financial repression" refers to government policies that direct funds to itself by artificially lowering interest rates for public policy goals [4]. - Historical examples include the U.S. in the 1940s, where the Federal Reserve controlled Treasury bill rates to finance government spending [4][5]. Group 2: Policy Measures - The Trump administration is expected to implement policies to address debt pressure and industrial hollowing, including capping credit card interest rates at 10% and increasing the purchase of mortgage-backed securities (MBS) [2][3]. - Proposed measures include limiting interest rates on consumer loans and small business loans, increasing supply control over key energy resources, and accelerating the Federal Reserve's balance sheet expansion [3][5]. Group 3: Economic Implications - The anticipated environment of fiscal and monetary easing is expected to shift the dollar liquidity cycle from tight to loose, benefiting corporate valuations and accelerating asset bubbles [7][8]. - The article suggests that sectors such as resources, technology, and heavy industry may continue to lead in performance, while consumer and real estate sectors may catch up as the nominal economic cycle improves [7][8].