American Conspiracy, American Narrative Logic (4) Continuing with (3), it is recommended to start reading from the first article. After the SpaceX IPO, a deep reflection and market summary were conducted: If this system runs smoothly, it can indeed handle several problems simultaneously: 1. If the surplus US dollars have a place to go, they may not necessarily be used to speculate on commodities, which provides a certain buffer against inflation. 2. The old technology stocks and old high valuation assets will not burst at once, but will be slowly cleared through position adjustment and callback. 3. New industries receive financing, capital expenditures continue to expand, and the US economy continues to have a growth story. If the US government really binds AI equity, sovereign credit can also gain a new layer of imaginative space. But don't understand it as' this way there will be no crisis'. It's not that there is no crisis, but the form of the crisis has changed. The previous crises were liquidity crises, banking crises, debt crises, and real estate crises; The truly terrifying thing in the future may be the crisis of dreams. What does it mean? The biggest fear of this system is not short-term stock price drops, but sudden disbelief from everyone. As long as everyone still believes that AI will change the world, believes that SpaceX will open up space, believes that the United States will master the next round of productivity revolution, and believes that holding these assets by the government can enhance credit, then this dream can continue to be pursued. But once one day, the commercialization of AI falls short of expectations, the return on investment in computing power is insufficient, the space narrative cannot be realized for a long time, or global funds begin to suspect that this is not a future asset, but another form of fiscal packaging, then the problem becomes big. The biggest advantage of dream assets is that they are not easily counterfeited in the short term, but their biggest risk is that they cannot be counterfeited in the long term. Once the dream awakens, the valuation is not slowly declining, but rather a collapse of faith. At that time, it may not only be SpaceX, OpenAI, or Anthropic that will fall, but the entire AI plus space narrative of the new dollar. At that time, the crisis was no longer a traditional financial crisis, but a credit crisis of the New American Dream. So the research on this topic is not to tell you that SpaceX must be bought when it goes public, nor is it to tell you that AI IPO can definitely make money, and it is not to say that the United States has really completely solved the financial crisis. On the contrary, I would like to remind everyone that we may be entering a very special stage: the United States is no longer simply using interest rates to manage cycles, but is using dreams to manage liquidity; No longer simply using US bonds to carry the US dollar, but using AI and space to carry the US dollar; No longer simply using fiscal credit to persuade the world, but using future industries to persuade the world. This is the most alarming and worthwhile area to study today. Because once this logic is established, the core contradiction of the US stock market in the next few years may not be simply about whether it is expensive or not, nor about whether to lower interest rates, but rather: who can become the core asset in this dream system? Who is just an old asset that has been drained of blood? Who can truly turn a story into an order? Who relies solely on stories to maintain valuation? The final sentence summary: The financial crisis may not erupt in the familiar way, because the United States is putting the crisis into its dreams, putting excess dollars into AI and space, and putting national credit into future narratives. This gameplay is very advanced and also very dangerous. Advanced is that as long as the dream is still there, money is willing to stay; The danger is that once you wake up, you may not wake up with a company, but with a new narrative of the entire dollar era. So, the question is not whether SpaceX will rise or when OpenAI will go public, but how long can this round of the New American Dream make global capital sleep? If you don't wake up, the foam is not a foam, it is the future; When you wake up, the future will turn back to foam. The above content was written by Brother Jiu. Thank you for reading