Brothers, the US debt has exceeded 38 trillion yuan. Now the US government is still suspended for more than 26 days. This "suspension" may be the longest in US history. Let's talk about treasury bond first, In fact, many brothers have a misconception that breaking through trillions of dollars in US debt is meaningless because the US debt crisis has little to do with the total amount of debt, but mainly with interest rates. Perhaps brothers cannot understand this logic, let's set aside our stance and think about it, If you have no job, a debt of one billion, zero interest rate, and the principal can be borrowed to repay the old, will you explode? Obviously not. As of May this year, the amount of interest expenses on US bonds was $776 billion, which has increased to 22.3% compared to the fiscal revenue of $3481.7 trillion This is the root cause of the US debt crisis, interest expenses. If the US Treasury Department cannot continue to pay the interest on treasury bond, it will be thunderous. The logic is simple. Even if the US Treasury Department cannot pay the principal and only pays 1% interest, the debt can be repaid even if it lasts for 100 years. Once the US Treasury Department cannot even afford the interest, it means that the debt can never be repaid, and many investors will no longer lend money to the US Treasury Department, unable to complete the repayment of old debts and causing a complete collapse. If you're not happy about this, then the higher the debt, the higher the interest expenses. Why doesn't it matter? Note that interest rates are subject to change. The interest rate of the Federal Reserve affects the bank deposit rate, which is the base interest rate of US bonds. If the interest rate on US Treasury bonds is lower than that on deposits, investors may as well put their money in the bank, so the interest rate on US Treasury bonds will decrease as the interest rate on deposits decreases. With a high total debt and low interest rates, the pressure will still ease. In this regard, you can look at Japan, whose debt has reached over 250% of the country's gross domestic product and has maintained stability through low interest rates. Say a few more words and correct a few cognitions. It should be clear to all that, as of June 2025, the size of foreign investors' holdings of US treasury bond is about 9.1 trillion US dollars, accounting for about 25% of the total size of US bonds, so US bonds are mainly purchased in the US. As of July 2025, China's holdings of US Treasury bonds amounted to $756.3 billion, which is only 2% based on our calculation of $38 trillion. Moreover, US Treasury bonds can be left unsold and repaid with principal and interest at maturity without losing a penny. People can't even say "if China doesn't buy US Treasury bonds, they will collapse" or "if China sells US Treasury bonds, the world will have to sell them", which is ridiculous. Even if you curse the collapse of the US Treasury, you have to follow the basic logic and start with interest rates. Talk about perfect debt, then talk about the White House shutdown. I have noticed a small misconception here, some people think that the White House shutdown is because the United States has run out of money. No, there is a budget for fiscal expenditures, just like how you plan to spend your salary this year on travel and buying clothes. The budget allocated by the White House has already been used up, and the new budget is not approved, so it is closed. Congress does not allow the Treasury Department to borrow money and spend it at will. On October 7th, Trump loosened his grip and was willing to talk to the Democrats about healthcare. Yesterday I saw news that Trump had taken another step back, but considering Trump's recent flights to Asia, I think the news still needs to be verified. The message mentioned that Trump demanded that the Democrats stop engaging in that annoying performance art, which wastes everyone's time. Starting from the evening of October 21st local time, Democratic Senator Jeff Merkley from Oregon gave a speech lasting over 22 hours in the Senate, urging the Republican Party to negotiate with the Democratic Party on the soon to expire healthcare subsidy bill. Anyway, the White House won't be shut down forever because no one can stand it and neither side of the voters agree. I think Trump will not be able to hold on for the time being, after all, he still has a lot of things to do in office. Let's wait and see.