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The Core Framework of Trump’s Economic Agenda Since the campaign began, Trump’s economic policies have consistently revolved around three core elements: tax policy, debt management, and interest rate control. The ultimate goal of these three elements is highly aligned: to reverse the United States’ long-standing twin deficits in trade and the budget. Tariff and income tax reforms directly address the trade deficit, while the combination of debt and interest rate policies aims to alleviate pressure from the budget deficit. These three elements influence and depend on one another, forming a relatively comprehensive yet internally contradictory policy framework. ...

When Discussing AI, Don’t Always Use the Industrial Revolutions as a Shield Whenever the topic of whether AI will take away jobs comes up, there’s always someone who steps forward to say, “Wasn’t it the same with the first three industrial revolutions? Old jobs disappeared, and new ones naturally emerged—there’s no need to worry.” People who say this are either malicious or ignorant. They deliberately ignore how many people died during the transitions of the first three industrial revolutions, how many years of colonial expansion took place, and how many lives were lost in World War I and World War II. To people living centuries from now, a few decades will be nothing more than a line in a history book, but for those who lived through those times, it was a lifetime of upheaval. ...

Analysis of the Far-Reaching Impact of the Stablecoin Bill I. New Arbitrage Models Once the U.S. Stablecoin Bill is passed, it will give rise to an entirely new chain of risk-free arbitrage. Stablecoin issuers will attract U.S. dollar deposits by issuing stablecoins. Since holding stablecoins does not generate any interest, holders effectively forgo the interest income they would have earned on bank deposits. After obtaining these funds, issuers will use them entirely to purchase short-term U.S. Treasury bills. At the current interest rate of 4%, this amounts to arbitrage through deposit absorption at zero cost. For holders, the choice is either to invest in high-risk assets like Bitcoin to offset the loss of interest income or to bear the opportunity cost of holding stablecoins. In the long term, the zero-interest characteristic will significantly inhibit the adoption of stablecoins for daily payments, with the only beneficiaries being the stablecoin issuers. The higher U.S. interest rates rise, the greater this arbitrage opportunity becomes. ...

The Core Logic of Gold Allocation: Geopolitics Is the Primary Driver The pricing of gold has long been driven by two major factors: geopolitics and the economy. The recent “Operation Spider Web” in Russia and Ukraine, as well as the earlier India-Pakistan conflict, are vivid examples of gold’s safe-haven attributes. We have repeatedly emphasized that in the current “Warring States Period” of global geopolitical fragmentation, one must never hold a zero position in gold. While most people do not yet fully grasp the significance of this statement, after experiencing several instances of sharp gold price volatility triggered by sudden geopolitical events, they will develop a reflexive understanding of its importance. Do not attempt to time the market precisely; you cannot predict what geopolitical events will occur between morning and afternoon, nor can you make a 100% accurate judgment on economic trends. The correct strategy is to maintain a core position: add to your holdings in stages during downturns and gradually reduce them during uptrends. This approach avoids both fully betting on the market and completely exiting it, thereby preventing you from being caught off guard by sudden risk events. ...

Stablecoin Series: Understanding the Underlying Logic of Global Finance Through the Essence of Money Today is May 31, 2025, and we’re wrapping up the final installment of our stablecoin series. Unlike the first two episodes, which focused on the micro level, this episode shifts to the macro level to discuss fundamental issues related to money—no matter how many new digital currencies are issued or how many new financial instruments are created at the micro level, these most basic principles will remain unshaken. ...

Welcome to My New Blog Hello everyone! This is my first post, published on May 1, 2026. After some trial and error, I’ve finally migrated my website from a traditional dynamic CMS to Hugo. As a static site generator written in Go, Hugo has truly impressed me with its build speed and extremely low resource usage. Why Hugo? In this post, I’d like to briefly summarize the key reasons I chose Hugo: ...