The interest payments on $38 trillion in US debt amount to as much as $1 trillion annually — this is no longer just a normal debt issue, but a systemic risk looming over the global financial markets.

In recent years, the situation has become increasingly complex. US fiscal policy has lost discipline, and reckless spending plans are exacerbating this crisis. Traditional developed economies like Japan and Europe are caught in a dilemma: continue buying US debt fearing a collapse, but also hesitate to sell. Meanwhile, hedge funds and institutional investors are flooding into the US debt market, trying to carve out a share in this game.

The big capital has already started to act. They are quietly adjusting their asset allocations — accumulating gold, strategic resources, and seeking investment directions that do not rely on US dollar credit. This is a clear signal.

The paths ahead are indeed difficult. Either hold on stubbornly, with inflation and deficits continuously eroding global purchasing power; or see interest rates rise rapidly, triggering financial turmoil; or witness the gradual decline of US dollar credit, prompting the emergence of a multi-currency system. Any of these paths will reshuffle the global asset landscape.

Against this backdrop, the definition of traditional safe assets is being rewritten, and those asset classes once marginalized are beginning to gain new attention. Only when the tide recedes can we see who is truly prepared.