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On the global financial stage, the United States has always played a leading role. However, a series of recent events have made people wonder, is the hegemonic position of the United States as solid as it used to be.
First, let's recall a recent incident. According to China Economic Weekly, a $284.2 billion U.S. Treasury bond held by Japan matured on July 30, but the United States has not paid Japan. The U.S. explanation is that the newly issued bonds have not yet been fully subscribed, resulting in insufficient funding. To appease Japan, the U.S. Treasury promised compensation in the future. The revelation of this incident caused global unease and made people question the financial situation of the United States.
However, to find out whether the United States is really refusing to pay its debt because of insufficient funds, more details need to be seen. Congress approved a debt-ceiling and budget bill in May, raising the U.S. fiscal account cash balance from $38.8 billion at the end of May to $400 billion at the end of July. In addition, the U.S. Treasury expects the cash balance on the account to reach $650 billion by the end of September. This shows that the US is not unable to pay its debt because of financial difficulties, at least not in the short term.
So why is the United States reluctant to pay its debt? The answer may lie in the US trying to stop the international trend of "de-dollarization". Today, the U.S. Treasury debt is $9 trillion, with major creditors including Japan, China and the United Kingdom. However, these countries are gradually reducing their holdings of US Treasuries, rather than increasing them, which is unbearable for the United States, which has always regarded itself as a financial hegemon. Therefore, the United States chose to attack Japan as a warning to other countries.
Another reason is that the US approach has made more and more countries dissatisfied with the "dollarization". The so-called "dollarization" means that in order to connect with international standards, countries must sell goods to the United States at low prices to obtain dollars, which they can then use to buy the commodities they need, such as oil, iron ore and soybeans. This led to cheap goods for the United States, and excess dollars flowed back into the United States, as other countries had no other way out but to buy U.S. Treasuries. At the same time, in order to consolidate its financial system, the United States has constantly imposed sanctions on other countries, trying to suppress the currencies of other countries in this way, forcing them to use dollars to buy American products.
This behavior has caused global resentment, and more and more countries are seeking "de-dollarization". Just recently, Christopher Sabatini of the Royal Institute of International Studies published an article titled "America's Enthusiasm for Sanctions Will Eventually Lead to Its Downfall." U.S. officials are unlikely to reconsider their enthusiasm for sanctions anytime soon, because sanctions are relatively simple, cheap and much cheaper than military action. However, this strategy of pursuing sanctions alone without considering long-term interests will ultimately only harm the United States itself.
In China, for example, the United States has restricted chip exports and blacklisted Chinese companies in an attempt to stop China's technological development. However, this approach only short-sightedly pursues short-term so-called interests, while ignoring the possibility that it will ultimately harm oneself. Especially for the big three of the US chip industry - Intel, Nvidia and Qualcomm, the US export restrictions have made them unhappy.
On July 17 this year, the CEOs of the three companies traveled to Washington to meet with senior U.S. officials and made it clear that if the United States continues to take relevant regulatory measures, it may damage the position of the United States in the global semiconductor industry. Intel CEO Patrick Gelsinger even said that if the United States does not lift the latest restrictions on Chinese chip exports, Intel's plan to invest $20 billion in a new chip factory in Ohio may be greatly weakened. However, senior U.S. officials remain determined to do their way, not listening to the advice of these tech giants.
The reason why the United States continues to be keen on sanctions is actually to force chip companies to build factories in the United States to restore lost jobs. However, this strategy is considered short-sighted by many. As Steve Jobs once pointed out, "Those jobs are not going back." "If the United States continues to be obstinate
This will only provoke more revolt and further globalize global production. This would lead to the United States being marginalized, losing its former global influence, and possibly facing the threat of collapse.
The U.S. sanctions not only affected the global economy, but also undermined international relations. Its unilateral and hegemonic acts have aroused the dissatisfaction of most countries in the world. Christopher Sabatini of the Royal Institute of International Studies stressed in his article that the United States should seriously consider the impact of its sanctions policy on international stability and peace, rather than blindly pursuing short-term political interests. Long-term prosperity and peace can only be achieved through the establishment of more cooperation and win-win international relations.
In addition, the debt problem of the United States is also worthy of attention. Despite the rise in cash balances in the U.S. fiscal account, the U.S. Treasury debt remains large. If the U.S. continues to add to its debt burden, it could trigger more financial instability that could negatively impact the global economy. Therefore, the United States needs to carefully manage its fiscal policy to ensure its long-term economic stability.
Taken together, U.S. hegemony may no longer be as unbreakable as it once was. Countries around the world are becoming more and more aware of the harm of unilateralism and sanctions by the United States, and have begun to seek multilateral cooperation and diversified international relations. If the United States does not adjust its policies, it may face economic and political challenges, which will eventually lead to the erosion of its hegemonic position. In today's multipolar world, international cooperation and mutual respect will be key to shared prosperity. If the United States continues to play its own way, it may eventually find itself isolated on the international stage and unable to maintain its former global dominance.
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