瑞·達里歐（Ray Dalio）警告，借貸量激增、借貸成本上升正在窒息全球經濟，形容債務堆積如同「迴路系統中的斑點」阻礙成長。

他在 X（前臉書）平台上表示，信用如同為經濟各部分輸送營養與購買力的循環系統。當借貸的資金被用於產生生產力並創造收入時，系統運作良好；但當債務增長速度快於收入時，系統便變得不健康。

他寫道：「當系統健康時，借貸的資金會產生生產力，進而創造收入。然而，當債務和債務服務成本相對於收入上升時，它就會變得『不健康』……」

因此，他把不斷攀升的債務支付比作『迴路系統中的斑點』，認為較高的債務服務成本『擠壓』支出，並減緩經濟活動。

達里歐也指出，債務同時是借款人的負債也是貸款人的資產，當財務壓力觸發投資者預期調整時，會導致市場失衡。

聲明中提到，信用系統如同循環系統，在借貸資金用於生產力、進而產生收入時是健康的；但當債務與債務服務成本上升時，系統便變得不健康。（此段為原文推文內容，未加入任何來源標註）

此前，經濟學家 Mohamed A. El‑Erian 與 Steve Hanke 警告，美國債務水平上升、投資者需求下降以及地緣政治緊張正加劇全球債市及全球經濟的壓力。

El‑Erian 表示，美國債務發行與投資者需求之間的差距，因持續的赤字與龐大的再融資需求而擴大，可能引發「doom loop」——即債務成本上升、融資條件緊縮的惡性循環。

Hanke 또添加說，斯拉Tint (Strait of Hormuz) 的緊張局勢構成重大供給衝擊，警告油氣供應中斷可能推高全球成本，並將通膨擴散至各產業。

同時，美國聯邦債務已約為 31 兆美元，占 GDP 達 100%，預計到 2036 年將飆升至 120%。未來的利息支出預計將超過 2.1 兆美元，進一步加劇聯邦財政壓力。官員與分析師普Warnings that the current fiscal trajectory is becoming increasingly unsustainable, as higher borrowing costs and weakening demand add to long‑term economic risks.

照片提供：suciwijaya / Shutterstock.com

閱讀後續文章：
「仍在學習市場？這 50 個必備術語可幫助你快速上手」

「一次不好的聘用可能使新創公司倒退多年。以下是創辦人最常誤判的 5 大聘用類型及其原因」

文章接著說明，Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed‑income opportunities, precious metals, and even self‑directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long‑term wealth that isn't tied to the fortunes of just one company or industry.

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single‑family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long‑term wealth without needing to manage properties directly.

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next‑generation computing.

Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment‑grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you.

EnergyX is a clean energy technology company focused on direct lithium extraction and refinery technologies for the lithium‑ion battery supply chain. Its proprietary DLE systems are designed to recover lithium from brine resources more efficiently and with less environmental impact, supporting efforts to expand lithium supply for electric vehicles, grid‑scale storage, and other battery applications.

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high‑quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.

Private real estate and private credit can add income and stability to a stock‑heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy‑to‑use platform, with professionally managed portfolios designed to generate passive income and long‑term growth.

American Hartford Gold is a precious metals dealer that helps clients buy physical gold and silver coins and bars, either for direct delivery or within self‑directed precious metals IRAs. The company's services include gold and silver IRAs, IRA rollovers, and home delivery of bullion, giving investors a way to use tangible metals to diversify portfolios and seek protection against inflation and market volatility.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

View Comments