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价值 38 万亿美元的问题：斯坦福大学教授 Hanno Lustig 访谈
Hanno Lustig 是斯坦福大学商学院瑞穗金融集团金融学教授，也是斯坦福大学经济政策研究所的高级研究员。勒斯蒂格在宏观经济和金融交叉领域工作，已成为国际金融、资产定价、
来源:斯坦福评论Hanno Lustig is the Mizuho Financial Group Professor of Finance at the Stanford Graduate School of Business and a Senior Fellow at the Stanford Institute for Economic Policy Research. Working at the intersection of macroeconomics and finance, Lustig has established himself as a leading voice on international finance, asset pricing, and fiscal policy, with particular emphasis on the valuation of government debt and the sustainability of sovereign obligations.他于 2002 年在斯坦福大学获得博士学位，并自 2015 年起担任教职。
汉诺·勒斯蒂格这次对话探讨了美国债务的可持续性，以及当世界上最安全的资产不安全时会发生什么。
Professor Lustig encourages readers to look to history, such as 20th-century Britain’s loss of dominance, to understand how the past can predict the future and why America’s “exorbitant privilege” has limits. He examines the emerging alternatives: Bitcoin’s fundamental constraints, stablecoins’ paradoxical role in extending dollar hegemony, and why central banks are suddenly accumulating gold.自始至终，勒斯蒂格都在反思在世界最深入的金融市场挑战共识思维意味着什么。
过高的特权Jack Murawczyk: Where do you most sharply disagree with the consensus view on financial markets, the U.S. economy, or the sustainability of public debt?
Hanno Lustig：我开始通过研究所有国债的估值来思考政府债务的估值。
汉诺·勒斯蒂格：要达到 38 万亿美元这样的数字，我们必须相信什么？
You must believe there will be a huge fiscal correction, because ultimately the value of debt should be backed by future primary government surpluses. When you do the numbers, you realize that either bond investors are pricing in a huge fiscal correction that seems impossible, or Treasuries are significantly overpriced.
共同作者 HL:JM: Microsoft bonds now offer a lower yield than equivalent treasuries!
JM:JM：对他们来说这是一项很棒的生意。