U.S. Treasuries

The debt instruments Jiang treats as a pillar of the American financial scheme; if buyers disappear, the system loses its stabilizing demand base.

Jiang argues that Japan continues buying U.S. Treasuries not because they are attractive on their own terms but because Treasury demand acts like a subsidy or bribe to secure American military protection and reduce direct pressure from the United States.

Jiang defines the 'Yankari Trade' as a mechanism where Japanese banks lend to domestic corporations at effectively zero percent so those firms can buy higher-yielding U.S. Treasuries, helping drive Japanese Treasury accumulation.

Jiang says this zero-cost financing and Treasury-buying loop is creating major strain inside Japan and will eventually force repatriation of capital from the United States through Treasury sales as geopolitics worsens.

Jiang argues that the war in Iran is part of an American strategy to control world energy supply so countries like Japan and China can be forced to keep buying U.S. Treasuries.

Jiang says America is running out of time because falling Treasury demand raises interest costs on a debt load he describes as roughly $39 trillion, making lower rates and renewed foreign Treasury buying urgent.

Jiang frames the current conflict as a financial war between Putin and Trump in which Putin tries to stop foreign Treasury buying while Trump tries to compel it.

Jiang argues that more dollar creation and debt growth eventually convince the world the United States cannot really repay what it owes, which then reduces Treasury demand and forces interest rates higher to attract buyers.

Jiang explains default through a domestic-finance chain in which the Federal Reserve is the biggest Treasury buyer, the Fed's money comes through private banks, and those banks in turn sit on ordinary Americans' deposits.