[{"data":1,"prerenderedAt":1446},["ShallowReactive",2],{"doc:\u002Fdocs\u002Feng-learning\u002Fwill-bonds-blow-up":3,"docs-sidebar":1425},{"id":4,"title":5,"body":6,"date":1415,"description":12,"extension":1416,"lang":1417,"meta":1418,"navigation":1419,"order":1420,"path":1421,"seo":1422,"series":1420,"source":646,"stem":1423,"__hash__":1424},"docs\u002Fdocs\u002Feng-learning\u002Fwill-bonds-blow-up.md","Will bonds blow up?",{"type":7,"value":8,"toc":1410},"minimark",[9,25,32,71,83,131,159,233,290,374,408,438,464,470,527,557,641,649],[10,11,12,13],"p",{},"A government-debt crisis is looming",[14,15,16],"sup",{},[17,18,24],"a",{"href":19,"ariaDescribedBy":20,"dataFootnoteRef":22,"id":23},"#user-content-fn-looming",[21],"footnote-label","","user-content-fnref-looming","1",[10,26,27],{},[28,29],"img",{"alt":30,"src":31},"Will bonds blow up? — article illustration","\u002Fdocs\u002Feng-learning\u002Fimages\u002Fwill-bonds-blow-up-cover.png",[10,33,34,35,43,44,52,53,61,62,70],{},"Bankers used to say that countries, unlike companies, can’t go bust",[14,36,37],{},[17,38,42],{"href":39,"ariaDescribedBy":40,"dataFootnoteRef":22,"id":41},"#user-content-fn-go-bust",[21],"user-content-fnref-go-bust","2",". They repeated that comforting slogan until a wave of Latin American countries defaulted",[14,45,46],{},[17,47,51],{"href":48,"ariaDescribedBy":49,"dataFootnoteRef":22,"id":50},"#user-content-fn-defaulted",[21],"user-content-fnref-defaulted","3"," in the 1980s. Might a similar shock soon puncture",[14,54,55],{},[17,56,60],{"href":57,"ariaDescribedBy":58,"dataFootnoteRef":22,"id":59},"#user-content-fn-puncture",[21],"user-content-fnref-puncture","4"," the rich world’s hubris",[14,63,64],{},[17,65,69],{"href":66,"ariaDescribedBy":67,"dataFootnoteRef":22,"id":68},"#user-content-fn-hubris",[21],"user-content-fnref-hubris","5","?",[10,72,73,74,82],{},"Five years ago borrowing costs were so low that public debt looked almost costless. Today, with investors dumping",[14,75,76],{},[17,77,81],{"href":78,"ariaDescribedBy":79,"dataFootnoteRef":22,"id":80},"#user-content-fn-dumping",[21],"user-content-fnref-dumping","6"," their bonds, many big rich-world governments pay more to borrow than at any time since the 1990s or 2000s. Because the public debts of big advanced economies are about double, relative to GDP, what they were at the turn of the century, the result is immense pressure on budgets.",[10,84,85,86,94,95,103,104,112,113,121,122,130],{},"Even before the latest bond sell-off",[14,87,88],{},[17,89,93],{"href":90,"ariaDescribedBy":91,"dataFootnoteRef":22,"id":92},"#user-content-fn-sell-off",[21],"user-content-fnref-sell-off","7",", their governments were forecast to spend 8% of tax revenues on net debt interest",[14,96,97],{},[17,98,102],{"href":99,"ariaDescribedBy":100,"dataFootnoteRef":22,"id":101},"#user-content-fn-net-debt-interest",[21],"user-content-fnref-net-debt-interest","8"," this year, as ageing populations and the threat of war are creating pressure to raise spending. Now they must pay still more to refinance",[14,105,106],{},[17,107,111],{"href":108,"ariaDescribedBy":109,"dataFootnoteRef":22,"id":110},"#user-content-fn-refinance",[21],"user-content-fnref-refinance","9"," their past debts, while many continue to borrow with little restraint",[14,114,115],{},[17,116,120],{"href":117,"ariaDescribedBy":118,"dataFootnoteRef":22,"id":119},"#user-content-fn-restraint",[21],"user-content-fnref-restraint","10",". At some point investors will revolt",[14,123,124],{},[17,125,129],{"href":126,"ariaDescribedBy":127,"dataFootnoteRef":22,"id":128},"#user-content-fn-revolt",[21],"user-content-fnref-revolt","11",".",[10,132,133,134,140,141,149,150,158],{},"Ironically, some of this year’s bond-market sell-off is good news, ",[17,135,139],{"href":136,"rel":137},"https:\u002F\u002Fwww.economist.com\u002Fbriefing\u002F2026\u002F10\u002F08\u002Fturbulent-bond-markets-threaten-some-countries-more-than-others",[138],"nofollow","as we report",". America’s economy is booming. Jobless claims are low; economic growth may be running at an annual rate greater than 3%; and productivity growth appears strong. This is encouraging investment. As artificial-intelligence firms clamour",[14,142,143],{},[17,144,148],{"href":145,"ariaDescribedBy":146,"dataFootnoteRef":22,"id":147},"#user-content-fn-clamour",[21],"user-content-fnref-clamour","12"," to build data centres, they compete with governments for capital",[14,151,152],{},[17,153,157],{"href":154,"ariaDescribedBy":155,"dataFootnoteRef":22,"id":156},"#user-content-fn-capital",[21],"user-content-fnref-capital","13"," in global markets. Higher interest rates are the result.",[10,160,161,162,170,171,179,180,188,189,197,198,206,207,215,216,224,225,130],{},"That has intensified less welcome upward forces on bond yields",[14,163,164],{},[17,165,169],{"href":166,"ariaDescribedBy":167,"dataFootnoteRef":22,"id":168},"#user-content-fn-yields",[21],"user-content-fnref-yields","14",". The energy shock from the war in Iran has raised inflation, and there are creeping",[14,172,173],{},[17,174,178],{"href":175,"ariaDescribedBy":176,"dataFootnoteRef":22,"id":177},"#user-content-fn-creeping",[21],"user-content-fnref-creeping","15"," doubts about the credibility",[14,181,182],{},[17,183,187],{"href":184,"ariaDescribedBy":185,"dataFootnoteRef":22,"id":186},"#user-content-fn-credibility",[21],"user-content-fnref-credibility","16"," of economic institutions in the age of populism",[14,190,191],{},[17,192,196],{"href":193,"ariaDescribedBy":194,"dataFootnoteRef":22,"id":195},"#user-content-fn-populism",[21],"user-content-fnref-populism","17",". President Donald Trump has recently mused",[14,199,200],{},[17,201,205],{"href":202,"ariaDescribedBy":203,"dataFootnoteRef":22,"id":204},"#user-content-fn-mused",[21],"user-content-fnref-mused","18"," that inflation can reduce debts “very rapidly” and renewed his attacks on the Federal Reserve for failing to cut interest rates. Jean-Luc Mélenchon, a populist-left candidate for the French presidency, has accused the governor of the Bank of France, absurdly, of treason",[14,208,209],{},[17,210,214],{"href":211,"ariaDescribedBy":212,"dataFootnoteRef":22,"id":213},"#user-content-fn-treason",[21],"user-content-fnref-treason","19",". Bond investors, gazing far into the future, perceive",[14,217,218],{},[17,219,223],{"href":220,"ariaDescribedBy":221,"dataFootnoteRef":22,"id":222},"#user-content-fn-perceive",[21],"user-content-fnref-perceive","20"," the growing danger that governments will use inflation to pick their pockets",[14,226,227],{},[17,228,232],{"href":229,"ariaDescribedBy":230,"dataFootnoteRef":22,"id":231},"#user-content-fn-pick-their-pockets",[21],"user-content-fnref-pick-their-pockets","21",[10,234,235,236,244,245,253,254,262,263,271,272,280,281,289],{},"The immediate impact of the bond-market sell-off varies greatly across countries. America is learning that its AI-fuelled expansion will not much help it cope with its debts, because interest costs rise in tandem",[14,237,238],{},[17,239,243],{"href":240,"ariaDescribedBy":241,"dataFootnoteRef":22,"id":242},"#user-content-fn-in-tandem",[21],"user-content-fnref-in-tandem","22"," with growth. The federal government’s annual budget deficit",[14,246,247],{},[17,248,252],{"href":249,"ariaDescribedBy":250,"dataFootnoteRef":22,"id":251},"#user-content-fn-budget-deficit",[21],"user-content-fnref-budget-deficit","23"," of about 6% of GDP is unsustainable",[14,255,256],{},[17,257,261],{"href":258,"ariaDescribedBy":259,"dataFootnoteRef":22,"id":260},"#user-content-fn-unsustainable",[21],"user-content-fnref-unsustainable","24",". Fortunately, Uncle Sam still has the immense advantage of issuing the world’s reserve currency",[14,264,265],{},[17,266,270],{"href":267,"ariaDescribedBy":268,"dataFootnoteRef":22,"id":269},"#user-content-fn-reserve-currency",[21],"user-content-fnref-reserve-currency","25",". As bond yields have risen in recent weeks the dollar has soared in value. A fiscal",[14,273,274],{},[17,275,279],{"href":276,"ariaDescribedBy":277,"dataFootnoteRef":22,"id":278},"#user-content-fn-fiscal",[21],"user-content-fnref-fiscal","26"," reckoning",[14,282,283],{},[17,284,288],{"href":285,"ariaDescribedBy":286,"dataFootnoteRef":22,"id":287},"#user-content-fn-reckoning",[21],"user-content-fnref-reckoning","27"," must eventually come—but not yet.",[10,291,292,293,301,302,310,311,319,320,328,329,337,338,346,347,355,356,364,365,373],{},"Japan, another perennial",[14,294,295],{},[17,296,300],{"href":297,"ariaDescribedBy":298,"dataFootnoteRef":22,"id":299},"#user-content-fn-perennial",[21],"user-content-fnref-perennial","28"," source of worry, is so far coping, too. Its ten-year bond yield has breached",[14,303,304],{},[17,305,309],{"href":306,"ariaDescribedBy":307,"dataFootnoteRef":22,"id":308},"#user-content-fn-breached",[21],"user-content-fnref-breached","29"," 3% for the first time since 1996 and it is planning an ill-advised",[14,312,313],{},[17,314,318],{"href":315,"ariaDescribedBy":316,"dataFootnoteRef":22,"id":317},"#user-content-fn-ill-advised",[21],"user-content-fnref-ill-advised","30"," spending spree",[14,321,322],{},[17,323,327],{"href":324,"ariaDescribedBy":325,"dataFootnoteRef":22,"id":326},"#user-content-fn-spree",[21],"user-content-fnref-spree","31",". But inflation has risen alongside interest rates. With inflation-adjusted",[14,330,331],{},[17,332,336],{"href":333,"ariaDescribedBy":334,"dataFootnoteRef":22,"id":335},"#user-content-fn-inflation-adjusted",[21],"user-content-fnref-inflation-adjusted","32"," rates still low, and the government’s deficit small, debts are shrinking as a share of the economy. That may change. And if the Japanese begin to sell their enormous stock of overseas assets",[14,339,340],{},[17,341,345],{"href":342,"ariaDescribedBy":343,"dataFootnoteRef":22,"id":344},"#user-content-fn-assets",[21],"user-content-fnref-assets","33",", financial tremors",[14,348,349],{},[17,350,354],{"href":351,"ariaDescribedBy":352,"dataFootnoteRef":22,"id":353},"#user-content-fn-tremors",[21],"user-content-fnref-tremors","34"," will rattle",[14,357,358],{},[17,359,363],{"href":360,"ariaDescribedBy":361,"dataFootnoteRef":22,"id":362},"#user-content-fn-rattle",[21],"user-content-fnref-rattle","35"," the rest of the world. But the Japanese government does not yet face the prospect of a run",[14,366,367],{},[17,368,372],{"href":369,"ariaDescribedBy":370,"dataFootnoteRef":22,"id":371},"#user-content-fn-run",[21],"user-content-fnref-run","36"," on its bonds.",[10,375,376,377,384,390,391,399,400,130],{},"Europe is where the danger of a debt crisis looms largest. The AI boom is raising its cost of capital but, in contrast with America, it is enjoying far less of a boost to economic growth. Its energy-importing economy is suffering from high fuel prices, and will suffer more if the winter is cold, owing to a probable ",[17,378,381,382],{"href":379,"rel":380},"https:\u002F\u002Fwww.economist.com\u002Ffinance-and-economics\u002F2026\u002F10\u002F04\u002Fthe-world-is-facing-an-almighty-lng-crunch",[138],"global shortage of liquefied",[14,383],{},[17,385,389],{"href":386,"ariaDescribedBy":387,"dataFootnoteRef":22,"id":388},"#user-content-fn-liquefied",[21],"user-content-fnref-liquefied","37"," natural gas. Though some prudent",[14,392,393],{},[17,394,398],{"href":395,"ariaDescribedBy":396,"dataFootnoteRef":22,"id":397},"#user-content-fn-prudent",[21],"user-content-fnref-prudent","38"," governments—including those in Germany, Scandinavia and Switzerland—have their budgets in order, Britain, France and Italy are wobbling",[14,401,402],{},[17,403,407],{"href":404,"ariaDescribedBy":405,"dataFootnoteRef":22,"id":406},"#user-content-fn-wobbling",[21],"user-content-fnref-wobbling","39",[10,409,410,411,419,420,428,429,437],{},"Britain already suffered a bond-market revolt in 2022. Chastened",[14,412,413],{},[17,414,418],{"href":415,"ariaDescribedBy":416,"dataFootnoteRef":22,"id":417},"#user-content-fn-chastened",[21],"user-content-fnref-chastened","40",", it corrected course, but its debt-to-GDP ratio is still rising and its politicians specialise in postponing spending cuts, as with a recently promised pension",[14,421,422],{},[17,423,427],{"href":424,"ariaDescribedBy":425,"dataFootnoteRef":22,"id":426},"#user-content-fn-pension",[21],"user-content-fnref-pension","41"," reform. Italy’s net debts are fairly stable, but, at 129% of GDP, too high. It is fragile",[14,430,431],{},[17,432,436],{"href":433,"ariaDescribedBy":434,"dataFootnoteRef":22,"id":435},"#user-content-fn-fragile",[21],"user-content-fnref-fragile","42"," and could break in a panic.",[10,439,440,441,449,450,457,463],{},"France is under the greatest pressure. Its budget deficit is forecast to be 5.4% of GDP this year. Given today’s economic growth, The Economist calculates, were France to refinance all its borrowing at current yields on five-year bonds, stabilising its debts would require a belt-tightening",[14,442,443],{},[17,444,448],{"href":445,"ariaDescribedBy":446,"dataFootnoteRef":22,"id":447},"#user-content-fn-belt-tightening",[21],"user-content-fnref-belt-tightening","43"," of more than 4% of GDP. Yet it is ",[17,451,454,455],{"href":452,"rel":453},"https:\u002F\u002Fwww.economist.com\u002Feurope\u002F2026\u002F10\u002F08\u002Farson-at-the-school-gate-and-tear-gas-on-the-streets",[138],"gripped",[14,456],{},[17,458,462],{"href":459,"ariaDescribedBy":460,"dataFootnoteRef":22,"id":461},"#user-content-fn-gripped",[21],"user-content-fnref-gripped","44"," by student protests and its parliament is struggling to pass a budget with cuts worth just a tenth of that.",[10,465,466],{},[28,467],{"alt":468,"src":469},"Government debt chart from the original article","\u002Fdocs\u002Feng-learning\u002Fimages\u002Fwill-bonds-blow-up-chart.png",[10,471,472,473,481,482,490,491,499,500,508,509,517,518,526],{},"Investors recently forced France to pay 1.5 points",[14,474,475],{},[17,476,480],{"href":477,"ariaDescribedBy":478,"dataFootnoteRef":22,"id":479},"#user-content-fn-points",[21],"user-content-fnref-points","45"," more than Germany to borrow for a decade—the highest spread",[14,483,484],{},[17,485,489],{"href":486,"ariaDescribedBy":487,"dataFootnoteRef":22,"id":488},"#user-content-fn-spread",[21],"user-content-fnref-spread","46"," since the euro-zone debt crisis. Ahead of a presidential election in 2027, Marine Le Pen of the populist-right National Rally party is leading the polls. On October 6th she pledged",[14,492,493],{},[17,494,498],{"href":495,"ariaDescribedBy":496,"dataFootnoteRef":22,"id":497},"#user-content-fn-pledged",[21],"user-content-fnref-pledged","47"," to trim",[14,501,502],{},[17,503,507],{"href":504,"ariaDescribedBy":505,"dataFootnoteRef":22,"id":506},"#user-content-fn-trim",[21],"user-content-fnref-trim","48"," budgets by 3% of GDP by 2032 and to cut debt to gdp in half. Bond yields fell slightly, but Ms Le Pen lacks credibility. She still vows",[14,510,511],{},[17,512,516],{"href":513,"ariaDescribedBy":514,"dataFootnoteRef":22,"id":515},"#user-content-fn-vows",[21],"user-content-fnref-vows","49"," to lower the retirement age even as lifespans lengthen, thus failing to confront",[14,519,520],{},[17,521,525],{"href":522,"ariaDescribedBy":523,"dataFootnoteRef":22,"id":524},"#user-content-fn-confront",[21],"user-content-fnref-confront","50"," the biggest single item in France’s public spending.",[10,528,529,530,538,539,547,548,556],{},"A run on French bonds could happen. If it does, the government might respond not with belt-tightening, but by demanding a bail-out",[14,531,532],{},[17,533,537],{"href":534,"ariaDescribedBy":535,"dataFootnoteRef":22,"id":536},"#user-content-fn-bail-out",[21],"user-content-fnref-bail-out","51"," from the European Central Bank (ECB). Countries are supposed to get their budgets in order before the ECB buys their debt, but in practice the guardrail",[14,540,541],{},[17,542,546],{"href":543,"ariaDescribedBy":544,"dataFootnoteRef":22,"id":545},"#user-content-fn-guardrail",[21],"user-content-fnref-guardrail","52"," against bail-outs is weaker than a decade ago. In a game of chicken",[14,549,550],{},[17,551,555],{"href":552,"ariaDescribedBy":553,"dataFootnoteRef":22,"id":554},"#user-content-fn-game-of-chicken",[21],"user-content-fnref-game-of-chicken","53"," with the ecb, a populist president would probably win; for without France, the European Union could not survive.",[10,558,559,560,568,569,577,578,586,587,595,596,604,605,613,614,622,623,631,632,640],{},"It would be a mistake for central banks to bail out",[14,561,562],{},[17,563,567],{"href":564,"ariaDescribedBy":565,"dataFootnoteRef":22,"id":566},"#user-content-fn-bail-out-verb",[21],"user-content-fnref-bail-out-verb","54"," governments which refuse point-blank",[14,570,571],{},[17,572,576],{"href":573,"ariaDescribedBy":574,"dataFootnoteRef":22,"id":575},"#user-content-fn-point-blank",[21],"user-content-fnref-point-blank","55"," to balance the books",[14,579,580],{},[17,581,585],{"href":582,"ariaDescribedBy":583,"dataFootnoteRef":22,"id":584},"#user-content-fn-balance-the-books",[21],"user-content-fnref-balance-the-books","56",". Their job is to unblock financial plumbing",[14,588,589],{},[17,590,594],{"href":591,"ariaDescribedBy":592,"dataFootnoteRef":22,"id":593},"#user-content-fn-financial-plumbing",[21],"user-content-fnref-financial-plumbing","57",", not to underwrite",[14,597,598],{},[17,599,603],{"href":600,"ariaDescribedBy":601,"dataFootnoteRef":22,"id":602},"#user-content-fn-underwrite",[21],"user-content-fnref-underwrite","58"," decades of reckless",[14,606,607],{},[17,608,612],{"href":609,"ariaDescribedBy":610,"dataFootnoteRef":22,"id":611},"#user-content-fn-reckless",[21],"user-content-fnref-reckless","59"," borrowing. If central banks become cash machines for finance ministries, not guarantors",[14,615,616],{},[17,617,621],{"href":618,"ariaDescribedBy":619,"dataFootnoteRef":22,"id":620},"#user-content-fn-guarantors",[21],"user-content-fnref-guarantors","60"," of stable prices, long-term bonds will sell off even more. Voters will exact revenge",[14,624,625],{},[17,626,630],{"href":627,"ariaDescribedBy":628,"dataFootnoteRef":22,"id":629},"#user-content-fn-exact-revenge",[21],"user-content-fnref-exact-revenge","61",". The best path forward in France and elsewhere is for politicians to explain to their electorates",[14,633,634],{},[17,635,639],{"href":636,"ariaDescribedBy":637,"dataFootnoteRef":22,"id":638},"#user-content-fn-electorates",[21],"user-content-fnref-electorates","62"," that public debt must be under control, and that together they must do whatever it takes. ■",[10,642,643,644],{},"原文：",[17,645,648],{"href":646,"rel":647},"https:\u002F\u002Fwww.economist.com\u002Fleaders\u002F2026\u002F10\u002F08\u002Fwill-bonds-blow-up",[138],"The Economist — Will bonds blow up?",[650,651,654,660],"section",{"className":652,"dataFootnotes":22},[653],"footnotes",[655,656,659],"h2",{"className":657,"id":21},[658],"sr-only","Footnotes",[661,662,663,679,691,703,715,727,739,751,763,775,787,799,811,823,835,847,859,871,883,895,907,919,931,943,955,967,979,991,1003,1015,1027,1039,1051,1063,1075,1087,1099,1111,1123,1135,1147,1159,1171,1183,1194,1206,1218,1230,1242,1254,1266,1278,1290,1302,1314,1326,1338,1350,1362,1374,1386,1398],"ol",{},[664,665,667,671,672],"li",{"id":666},"user-content-fn-looming",[668,669,670],"strong",{},"looming"," — adj.（形容词，来自 loom）迫近的；文中指债务危机正逼近。 ",[17,673,678],{"href":674,"ariaLabel":675,"className":676,"dataFootnoteBackref":22},"#user-content-fnref-looming","Back to reference 1",[677],"data-footnote-backref","↩",[664,680,682,685,686],{"id":681},"user-content-fn-go-bust",[668,683,684],{},"go bust"," — phr. v.（动词短语）破产；倒闭。 ",[17,687,678],{"href":688,"ariaLabel":689,"className":690,"dataFootnoteBackref":22},"#user-content-fnref-go-bust","Back to reference 2",[677],[664,692,694,697,698],{"id":693},"user-content-fn-defaulted",[668,695,696],{},"defaulted"," — v.（动词，default 的过去式）违约；未能按约偿还债务本息。 ",[17,699,678],{"href":700,"ariaLabel":701,"className":702,"dataFootnoteBackref":22},"#user-content-fnref-defaulted","Back to reference 3",[677],[664,704,706,709,710],{"id":705},"user-content-fn-puncture",[668,707,708],{},"puncture"," — v.（动词）戳破；文中指打破自信或自满。 ",[17,711,678],{"href":712,"ariaLabel":713,"className":714,"dataFootnoteBackref":22},"#user-content-fnref-puncture","Back to reference 4",[677],[664,716,718,721,722],{"id":717},"user-content-fn-hubris",[668,719,720],{},"hubris"," — n.（名词）傲慢；过度自信，常暗含会招致失败的意味。 ",[17,723,678],{"href":724,"ariaLabel":725,"className":726,"dataFootnoteBackref":22},"#user-content-fnref-hubris","Back to reference 5",[677],[664,728,730,733,734],{"id":729},"user-content-fn-dumping",[668,731,732],{},"dumping"," — v.（动词，dump 的现在分词）大量抛售；文中指投资者急于卖出债券。 ",[17,735,678],{"href":736,"ariaLabel":737,"className":738,"dataFootnoteBackref":22},"#user-content-fnref-dumping","Back to reference 6",[677],[664,740,742,745,746],{"id":741},"user-content-fn-sell-off",[668,743,744],{},"sell-off"," — n.（名词）集中抛售；通常伴随资产价格下跌。 ",[17,747,678],{"href":748,"ariaLabel":749,"className":750,"dataFootnoteBackref":22},"#user-content-fnref-sell-off","Back to reference 7",[677],[664,752,754,757,758],{"id":753},"user-content-fn-net-debt-interest",[668,755,756],{},"net debt interest"," — n. phr.（名词短语）净债务利息支出，即支付的债务利息扣除收到的利息后的支出。 ",[17,759,678],{"href":760,"ariaLabel":761,"className":762,"dataFootnoteBackref":22},"#user-content-fnref-net-debt-interest","Back to reference 8",[677],[664,764,766,769,770],{"id":765},"user-content-fn-refinance",[668,767,768],{},"refinance"," — v.（动词）再融资；文中指借入新债以偿还或替换旧债。 ",[17,771,678],{"href":772,"ariaLabel":773,"className":774,"dataFootnoteBackref":22},"#user-content-fnref-refinance","Back to reference 9",[677],[664,776,778,781,782],{"id":777},"user-content-fn-restraint",[668,779,780],{},"restraint"," — n.（名词）克制；约束；文中指对借债规模的节制。 ",[17,783,678],{"href":784,"ariaLabel":785,"className":786,"dataFootnoteBackref":22},"#user-content-fnref-restraint","Back to reference 10",[677],[664,788,790,793,794],{"id":789},"user-content-fn-revolt",[668,791,792],{},"revolt"," — v.（动词）反抗；文中指投资者拒绝继续支持政府借债或大举抛售债券。 ",[17,795,678],{"href":796,"ariaLabel":797,"className":798,"dataFootnoteBackref":22},"#user-content-fnref-revolt","Back to reference 11",[677],[664,800,802,805,806],{"id":801},"user-content-fn-clamour",[668,803,804],{},"clamour"," — v.（动词）强烈要求；争相寻求；文中指人工智能企业争相建设数据中心。 ",[17,807,678],{"href":808,"ariaLabel":809,"className":810,"dataFootnoteBackref":22},"#user-content-fnref-clamour","Back to reference 12",[677],[664,812,814,817,818],{"id":813},"user-content-fn-capital",[668,815,816],{},"capital"," — n.（名词）资本；用于投资或生产的资金。 ",[17,819,678],{"href":820,"ariaLabel":821,"className":822,"dataFootnoteBackref":22},"#user-content-fnref-capital","Back to reference 13",[677],[664,824,826,829,830],{"id":825},"user-content-fn-yields",[668,827,828],{},"yields"," — n.（名词，yield 的复数）收益率；文中指债券投资的收益率。 ",[17,831,678],{"href":832,"ariaLabel":833,"className":834,"dataFootnoteBackref":22},"#user-content-fnref-yields","Back to reference 14",[677],[664,836,838,841,842],{"id":837},"user-content-fn-creeping",[668,839,840],{},"creeping"," — adj.（形容词）逐渐蔓延的；缓慢而不易察觉地加深的。 ",[17,843,678],{"href":844,"ariaLabel":845,"className":846,"dataFootnoteBackref":22},"#user-content-fnref-creeping","Back to reference 15",[677],[664,848,850,853,854],{"id":849},"user-content-fn-credibility",[668,851,852],{},"credibility"," — n.（名词）可信度；公信力。 ",[17,855,678],{"href":856,"ariaLabel":857,"className":858,"dataFootnoteBackref":22},"#user-content-fnref-credibility","Back to reference 16",[677],[664,860,862,865,866],{"id":861},"user-content-fn-populism",[668,863,864],{},"populism"," — n.（名词）民粹主义，以代表普通民众、反对精英阶层为诉求的政治倾向。 ",[17,867,678],{"href":868,"ariaLabel":869,"className":870,"dataFootnoteBackref":22},"#user-content-fnref-populism","Back to reference 17",[677],[664,872,874,877,878],{"id":873},"user-content-fn-mused",[668,875,876],{},"mused"," — v.（动词，muse 的过去分词）若有所思地说；沉思着提出。 ",[17,879,678],{"href":880,"ariaLabel":881,"className":882,"dataFootnoteBackref":22},"#user-content-fnref-mused","Back to reference 18",[677],[664,884,886,889,890],{"id":885},"user-content-fn-treason",[668,887,888],{},"treason"," — n.（名词）叛国罪；背叛国家的行为。 ",[17,891,678],{"href":892,"ariaLabel":893,"className":894,"dataFootnoteBackref":22},"#user-content-fnref-treason","Back to reference 19",[677],[664,896,898,901,902],{"id":897},"user-content-fn-perceive",[668,899,900],{},"perceive"," — v.（动词）察觉；意识到。 ",[17,903,678],{"href":904,"ariaLabel":905,"className":906,"dataFootnoteBackref":22},"#user-content-fnref-perceive","Back to reference 20",[677],[664,908,910,913,914],{"id":909},"user-content-fn-pick-their-pockets",[668,911,912],{},"pick their pockets"," — phr. v.（动词短语）扒窃他们的钱财；文中比喻通胀侵蚀债券投资者的实际财富。 ",[17,915,678],{"href":916,"ariaLabel":917,"className":918,"dataFootnoteBackref":22},"#user-content-fnref-pick-their-pockets","Back to reference 21",[677],[664,920,922,925,926],{"id":921},"user-content-fn-in-tandem",[668,923,924],{},"in tandem"," — adv. phr.（副词短语）同步地；共同地；文中指利息成本与经济增长同步上升。 ",[17,927,678],{"href":928,"ariaLabel":929,"className":930,"dataFootnoteBackref":22},"#user-content-fnref-in-tandem","Back to reference 22",[677],[664,932,934,937,938],{"id":933},"user-content-fn-budget-deficit",[668,935,936],{},"budget deficit"," — n. phr.（名词短语）预算赤字，即政府支出超过收入的差额。 ",[17,939,678],{"href":940,"ariaLabel":941,"className":942,"dataFootnoteBackref":22},"#user-content-fnref-budget-deficit","Back to reference 23",[677],[664,944,946,949,950],{"id":945},"user-content-fn-unsustainable",[668,947,948],{},"unsustainable"," — adj.（形容词）不可持续的；无法长期维持的。 ",[17,951,678],{"href":952,"ariaLabel":953,"className":954,"dataFootnoteBackref":22},"#user-content-fnref-unsustainable","Back to reference 24",[677],[664,956,958,961,962],{"id":957},"user-content-fn-reserve-currency",[668,959,960],{},"reserve currency"," — n. phr.（名词短语）储备货币，被其他国家的央行等持有以作为外汇储备的货币。 ",[17,963,678],{"href":964,"ariaLabel":965,"className":966,"dataFootnoteBackref":22},"#user-content-fnref-reserve-currency","Back to reference 25",[677],[664,968,970,973,974],{"id":969},"user-content-fn-fiscal",[668,971,972],{},"fiscal"," — adj.（形容词）财政的；与政府收入、支出或债务有关的。 ",[17,975,678],{"href":976,"ariaLabel":977,"className":978,"dataFootnoteBackref":22},"#user-content-fnref-fiscal","Back to reference 26",[677],[664,980,982,985,986],{"id":981},"user-content-fn-reckoning",[668,983,984],{},"reckoning"," — n.（名词）清算；必须面对后果的时刻；文中指财政问题终须处理的时刻。 ",[17,987,678],{"href":988,"ariaLabel":989,"className":990,"dataFootnoteBackref":22},"#user-content-fnref-reckoning","Back to reference 27",[677],[664,992,994,997,998],{"id":993},"user-content-fn-perennial",[668,995,996],{},"perennial"," — adj.（形容词）长期存在的；反复出现的。 ",[17,999,678],{"href":1000,"ariaLabel":1001,"className":1002,"dataFootnoteBackref":22},"#user-content-fnref-perennial","Back to reference 28",[677],[664,1004,1006,1009,1010],{"id":1005},"user-content-fn-breached",[668,1007,1008],{},"breached"," — v.（动词，breach 的过去分词）突破；文中指债券收益率超过某一水平。 ",[17,1011,678],{"href":1012,"ariaLabel":1013,"className":1014,"dataFootnoteBackref":22},"#user-content-fnref-breached","Back to reference 29",[677],[664,1016,1018,1021,1022],{"id":1017},"user-content-fn-ill-advised",[668,1019,1020],{},"ill-advised"," — adj.（形容词）不明智的；考虑欠周的。 ",[17,1023,678],{"href":1024,"ariaLabel":1025,"className":1026,"dataFootnoteBackref":22},"#user-content-fnref-ill-advised","Back to reference 30",[677],[664,1028,1030,1033,1034],{"id":1029},"user-content-fn-spree",[668,1031,1032],{},"spree"," — n.（名词）一阵放纵的活动；spending spree 指大手笔、缺乏节制的支出。 ",[17,1035,678],{"href":1036,"ariaLabel":1037,"className":1038,"dataFootnoteBackref":22},"#user-content-fnref-spree","Back to reference 31",[677],[664,1040,1042,1045,1046],{"id":1041},"user-content-fn-inflation-adjusted",[668,1043,1044],{},"inflation-adjusted"," — adj.（形容词）经通胀调整的；扣除通胀影响后的。 ",[17,1047,678],{"href":1048,"ariaLabel":1049,"className":1050,"dataFootnoteBackref":22},"#user-content-fnref-inflation-adjusted","Back to reference 32",[677],[664,1052,1054,1057,1058],{"id":1053},"user-content-fn-assets",[668,1055,1056],{},"assets"," — n.（名词，asset 的复数）资产；拥有经济价值的财产或投资。 ",[17,1059,678],{"href":1060,"ariaLabel":1061,"className":1062,"dataFootnoteBackref":22},"#user-content-fnref-assets","Back to reference 33",[677],[664,1064,1066,1069,1070],{"id":1065},"user-content-fn-tremors",[668,1067,1068],{},"tremors"," — n.（名词，tremor 的复数）震颤；文中比喻金融市场受到的冲击或震荡。 ",[17,1071,678],{"href":1072,"ariaLabel":1073,"className":1074,"dataFootnoteBackref":22},"#user-content-fnref-tremors","Back to reference 34",[677],[664,1076,1078,1081,1082],{"id":1077},"user-content-fn-rattle",[668,1079,1080],{},"rattle"," — v.（动词）使震动；使不安；文中指引发市场动荡。 ",[17,1083,678],{"href":1084,"ariaLabel":1085,"className":1086,"dataFootnoteBackref":22},"#user-content-fnref-rattle","Back to reference 35",[677],[664,1088,1090,1093,1094],{"id":1089},"user-content-fn-run",[668,1091,1092],{},"run"," — n.（名词）挤兑；文中 run on its bonds 指投资者集中抛售其债券、撤回资金的风潮。 ",[17,1095,678],{"href":1096,"ariaLabel":1097,"className":1098,"dataFootnoteBackref":22},"#user-content-fnref-run","Back to reference 36",[677],[664,1100,1102,1105,1106],{"id":1101},"user-content-fn-liquefied",[668,1103,1104],{},"liquefied"," — adj.（形容词，来自 liquefy）液化的；liquefied natural gas 指液化天然气，简称 LNG。 ",[17,1107,678],{"href":1108,"ariaLabel":1109,"className":1110,"dataFootnoteBackref":22},"#user-content-fnref-liquefied","Back to reference 37",[677],[664,1112,1114,1117,1118],{"id":1113},"user-content-fn-prudent",[668,1115,1116],{},"prudent"," — adj.（形容词）审慎的；谨慎而有远见的。 ",[17,1119,678],{"href":1120,"ariaLabel":1121,"className":1122,"dataFootnoteBackref":22},"#user-content-fnref-prudent","Back to reference 38",[677],[664,1124,1126,1129,1130],{"id":1125},"user-content-fn-wobbling",[668,1127,1128],{},"wobbling"," — v.（动词，wobble 的现在分词）摇晃；文中比喻财政状况不稳。 ",[17,1131,678],{"href":1132,"ariaLabel":1133,"className":1134,"dataFootnoteBackref":22},"#user-content-fnref-wobbling","Back to reference 39",[677],[664,1136,1138,1141,1142],{"id":1137},"user-content-fn-chastened",[668,1139,1140],{},"chastened"," — adj.（形容词，来自 chasten）因受挫而变得收敛或谨慎的。 ",[17,1143,678],{"href":1144,"ariaLabel":1145,"className":1146,"dataFootnoteBackref":22},"#user-content-fnref-chastened","Back to reference 40",[677],[664,1148,1150,1153,1154],{"id":1149},"user-content-fn-pension",[668,1151,1152],{},"pension"," — n.（名词，作定语）养老金；退休金；pension reform 指养老金制度改革。 ",[17,1155,678],{"href":1156,"ariaLabel":1157,"className":1158,"dataFootnoteBackref":22},"#user-content-fnref-pension","Back to reference 41",[677],[664,1160,1162,1165,1166],{"id":1161},"user-content-fn-fragile",[668,1163,1164],{},"fragile"," — adj.（形容词）脆弱的；容易受损或崩溃的。 ",[17,1167,678],{"href":1168,"ariaLabel":1169,"className":1170,"dataFootnoteBackref":22},"#user-content-fnref-fragile","Back to reference 42",[677],[664,1172,1174,1177,1178],{"id":1173},"user-content-fn-belt-tightening",[668,1175,1176],{},"belt-tightening"," — n.（名词）紧缩开支；文中指通过削减支出或增加收入改善政府财政。 ",[17,1179,678],{"href":1180,"ariaLabel":1181,"className":1182,"dataFootnoteBackref":22},"#user-content-fnref-belt-tightening","Back to reference 43",[677],[664,1184,1186,1188,1189],{"id":1185},"user-content-fn-gripped",[668,1187,454],{}," — v.（动词，grip 的过去分词）紧紧抓住；be gripped by 指陷入或被某事笼罩。 ",[17,1190,678],{"href":1191,"ariaLabel":1192,"className":1193,"dataFootnoteBackref":22},"#user-content-fnref-gripped","Back to reference 44",[677],[664,1195,1197,1200,1201],{"id":1196},"user-content-fn-points",[668,1198,1199],{},"points"," — n.（名词，point 的复数）百分点；文中 1.5 points 指借款利率比德国高 1.5 个百分点。 ",[17,1202,678],{"href":1203,"ariaLabel":1204,"className":1205,"dataFootnoteBackref":22},"#user-content-fnref-points","Back to reference 45",[677],[664,1207,1209,1212,1213],{"id":1208},"user-content-fn-spread",[668,1210,1211],{},"spread"," — n.（名词）利差；文中指法国与德国债券收益率之间的差额。 ",[17,1214,678],{"href":1215,"ariaLabel":1216,"className":1217,"dataFootnoteBackref":22},"#user-content-fnref-spread","Back to reference 46",[677],[664,1219,1221,1224,1225],{"id":1220},"user-content-fn-pledged",[668,1222,1223],{},"pledged"," — v.（动词，pledge 的过去式）郑重承诺；保证。 ",[17,1226,678],{"href":1227,"ariaLabel":1228,"className":1229,"dataFootnoteBackref":22},"#user-content-fnref-pledged","Back to reference 47",[677],[664,1231,1233,1236,1237],{"id":1232},"user-content-fn-trim",[668,1234,1235],{},"trim"," — v.（动词）削减；文中指压缩政府预算。 ",[17,1238,678],{"href":1239,"ariaLabel":1240,"className":1241,"dataFootnoteBackref":22},"#user-content-fnref-trim","Back to reference 48",[677],[664,1243,1245,1248,1249],{"id":1244},"user-content-fn-vows",[668,1246,1247],{},"vows"," — v.（动词，vow 的第三人称单数）发誓；郑重承诺。 ",[17,1250,678],{"href":1251,"ariaLabel":1252,"className":1253,"dataFootnoteBackref":22},"#user-content-fnref-vows","Back to reference 49",[677],[664,1255,1257,1260,1261],{"id":1256},"user-content-fn-confront",[668,1258,1259],{},"confront"," — v.（动词）直面；处理困难的问题。 ",[17,1262,678],{"href":1263,"ariaLabel":1264,"className":1265,"dataFootnoteBackref":22},"#user-content-fnref-confront","Back to reference 50",[677],[664,1267,1269,1272,1273],{"id":1268},"user-content-fn-bail-out",[668,1270,1271],{},"bail-out"," — n.（名词）救助；为陷入财务困境的机构或政府提供资金支持。 ",[17,1274,678],{"href":1275,"ariaLabel":1276,"className":1277,"dataFootnoteBackref":22},"#user-content-fnref-bail-out","Back to reference 51",[677],[664,1279,1281,1284,1285],{"id":1280},"user-content-fn-guardrail",[668,1282,1283],{},"guardrail"," — n.（名词）护栏；文中比喻限制债务救助的制度约束。 ",[17,1286,678],{"href":1287,"ariaLabel":1288,"className":1289,"dataFootnoteBackref":22},"#user-content-fnref-guardrail","Back to reference 52",[677],[664,1291,1293,1296,1297],{"id":1292},"user-content-fn-game-of-chicken",[668,1294,1295],{},"game of chicken"," — n. phr.（名词短语）胆小鬼博弈；双方以危险后果相威胁，迫使对方先退让的对抗。 ",[17,1298,678],{"href":1299,"ariaLabel":1300,"className":1301,"dataFootnoteBackref":22},"#user-content-fnref-game-of-chicken","Back to reference 53",[677],[664,1303,1305,1308,1309],{"id":1304},"user-content-fn-bail-out-verb",[668,1306,1307],{},"bail out"," — phr. v.（动词短语）提供资金救助；帮助摆脱财务困境。 ",[17,1310,678],{"href":1311,"ariaLabel":1312,"className":1313,"dataFootnoteBackref":22},"#user-content-fnref-bail-out-verb","Back to reference 54",[677],[664,1315,1317,1320,1321],{"id":1316},"user-content-fn-point-blank",[668,1318,1319],{},"point-blank"," — adv.（副词）断然地；毫不含糊地；refuse point-blank 指断然拒绝。 ",[17,1322,678],{"href":1323,"ariaLabel":1324,"className":1325,"dataFootnoteBackref":22},"#user-content-fnref-point-blank","Back to reference 55",[677],[664,1327,1329,1332,1333],{"id":1328},"user-content-fn-balance-the-books",[668,1330,1331],{},"balance the books"," — phr. v.（动词短语）使收支平衡；文中指让政府财政收支达到平衡。 ",[17,1334,678],{"href":1335,"ariaLabel":1336,"className":1337,"dataFootnoteBackref":22},"#user-content-fnref-balance-the-books","Back to reference 56",[677],[664,1339,1341,1344,1345],{"id":1340},"user-content-fn-financial-plumbing",[668,1342,1343],{},"financial plumbing"," — n. phr.（名词短语）金融体系的基础运作机制；比喻使资金流动、交易结算等得以正常进行的系统。 ",[17,1346,678],{"href":1347,"ariaLabel":1348,"className":1349,"dataFootnoteBackref":22},"#user-content-fnref-financial-plumbing","Back to reference 57",[677],[664,1351,1353,1356,1357],{"id":1352},"user-content-fn-underwrite",[668,1354,1355],{},"underwrite"," — v.（动词）承保；为……提供资金保障；文中指为长期不负责任的借债行为兜底。 ",[17,1358,678],{"href":1359,"ariaLabel":1360,"className":1361,"dataFootnoteBackref":22},"#user-content-fnref-underwrite","Back to reference 58",[677],[664,1363,1365,1368,1369],{"id":1364},"user-content-fn-reckless",[668,1366,1367],{},"reckless"," — adj.（形容词）鲁莽的；不顾风险或后果的。 ",[17,1370,678],{"href":1371,"ariaLabel":1372,"className":1373,"dataFootnoteBackref":22},"#user-content-fnref-reckless","Back to reference 59",[677],[664,1375,1377,1380,1381],{"id":1376},"user-content-fn-guarantors",[668,1378,1379],{},"guarantors"," — n.（名词，guarantor 的复数）担保者；保障者；文中指维护物价稳定的央行。 ",[17,1382,678],{"href":1383,"ariaLabel":1384,"className":1385,"dataFootnoteBackref":22},"#user-content-fnref-guarantors","Back to reference 60",[677],[664,1387,1389,1392,1393],{"id":1388},"user-content-fn-exact-revenge",[668,1390,1391],{},"exact revenge"," — phr. v.（动词短语）实施报复；文中暗指选民会用投票惩罚相关决策者。 ",[17,1394,678],{"href":1395,"ariaLabel":1396,"className":1397,"dataFootnoteBackref":22},"#user-content-fnref-exact-revenge","Back to reference 61",[677],[664,1399,1401,1404,1405],{"id":1400},"user-content-fn-electorates",[668,1402,1403],{},"electorates"," — n.（名词，electorate 的复数）全体选民；各选区或国家中具有投票资格的人群。 ",[17,1406,678],{"href":1407,"ariaLabel":1408,"className":1409,"dataFootnoteBackref":22},"#user-content-fnref-electorates","Back to reference 62",[677],{"title":22,"searchDepth":1411,"depth":1411,"links":1412},4,[1413],{"id":21,"depth":1414,"text":659},2,"2026-10-08","md","en",{},true,null,"\u002Fdocs\u002Feng-learning\u002Fwill-bonds-blow-up",{"title":5,"description":12},"docs\u002Feng-learning\u002Fwill-bonds-blow-up","49Ye1WXViOYYCceS8SpAQf5xJ8w3BPBoZa38q5SwOlA",[1426,1430,1435,1439,1440,1443],{"path":1427,"title":1428,"series":1420,"date":1429,"order":1420,"description":1420},"\u002Fdocs\u002Feng-learning\u002Fchinese-firms-are-wrapping-their-supply-chains-around-the-globe-a-rewiring-of-global-manufacturing-is-under-way","Chinese firms are wrapping their supply chains around the globe","2026-08-20",{"path":1431,"title":1432,"series":1420,"date":1433,"order":1420,"description":1434},"\u002Fdocs\u002Feng-learning\u002Fhyrox","Hyrox, the fitness craze that runs and runs","2026-09-03","A gruelling mix of running and strength-training has people working up a sweat",{"path":1436,"title":1437,"series":1420,"date":1420,"order":1438,"description":1420},"\u002Fdocs\u002Feng-learning","English Learning",1,{"path":1421,"title":5,"series":1420,"date":1415,"order":1420,"description":12},{"path":1441,"title":1442,"series":1420,"date":1420,"order":1420,"description":1420},"\u002Fdocs\u002Ftravely\u002Feula","LICENSED APPLICATION END USER LICENSE AGREEMENT",{"path":1444,"title":1445,"series":1420,"date":1420,"order":1420,"description":1420},"\u002Fdocs\u002Ftravely","Travely App",1792419144075]