What's wrong with understanding US bonds with just one picture? Brothers are asking, "The US treasury bond is up to 36 trillion US dollars, and many experts expect that the US debt will collapse soon". I don't know what means the US emperor has played, but it has not collapsed This viewpoint is a bit dramatic. Actually, before the disappearance of the beautiful country, the US debt cannot collapse. The reason is simple: any country with sovereign currency issuance can solve its debt by printing money. That is to say, using inflation to replace debt crisis. To put it more bluntly, using the collapse of the US dollar to replace the collapse of US bonds. There are two main modes of debt crisis occurrence. One is the lack of currency issuance rights, with Greece being a typical representative during the European debt crisis. The issuance rights of the euro are held by the European Central Bank, mainly in France and Germany. Another type is countries that owe external debt, mainly in US dollars. Without US dollars, they will naturally default on their debts, such as the recent African country Ghana. Since we can print money to repay the debt, does the US Emperor have peace of mind? There is nothing so good about it, otherwise the US government wouldn't have to jump up and down in a hurry. Many people believe that interest is a problem. In the current state of the US Treasury, interest is indeed a major issue, but once the printing press is turned on, interest will no longer be a problem. The real reason is the hegemony of the US dollar. The US dollar, as the de facto world currency, shoulders the task of sucking blood from the world by the US emperor. In normal times, there is a large trade deficit every year, and a huge amount of goods are sold for free with green paper, allowing the poor bottom of the United States to enjoy a rich material life. Cyclical interest rate hikes and cuts, unleashing the tide of the US dollar, creating financial turbulence worldwide, and harvesting cheap assets. The United States relies on its financial hegemony to plunder resources globally On the one hand, invest in the military industry, maintain military technology leadership, and use force if necessary to address those who dare to oppose the US hegemonic system, such as Saddam Hussein and Gaddafi. On the other hand, investing in high technology, attracting global talent, maintaining technological leadership, and utilizing high-tech industries to gain monopoly profits globally. This is commonly referred to as the three pillars of American hegemony: the US dollar, the US military, and the high-tech industry. So unless absolutely necessary, the United States cannot print money on a large scale and cause malignant inflation. If the value of the US dollar is unstable, the hegemony of the US dollar will collapse in an instant. When the US cannot use the US dollar to suck blood from the world, there will be major problems with the operation of the US country, and the collapse of civil wars and other events can be expected. The US emperor will first try every possible way to solve the US debt problem, such as Musk's reform to increase revenue and reduce expenditure, the annexation of Greenland and Canada, ongoing efforts, launching the Middle East war, plundering resources, and actively preparing for a tariff war to block Dongda, and so on. Taking a step back, when there was really no way to turn the tide, after struggling to the death, we had to start the printing press and unleash the flood of the US dollar, harvesting global assets for the last time. As a result, US bonds naturally disappeared, and the position of the US dollar as the world currency came to an end. Before this, it was all overthinking.