What is the most terrifying situation for a country? A complete collapse of its balance sheet. Looking at it from a different perspective: an individual earning 3,000 yuan a month but having to repay 30,000 yuan in debt, with mandatory expenses far exceeding income—this is basically bankruptcy. At the national level, the consequences are the disintegration of social cohesion, intensified internal conflicts, and external forces taking advantage of the situation.

This is the "kill line" logic that has been a hot topic in recent years—countries also have this threshold. Why is Venezuela so easily constrained? Its balance sheet has been deteriorating for years, leading to inflation more outrageous than at any other time in history, with no internal cohesion to resist external pressure. Simply put, it’s not that external forces are too strong, but that the internal system has already collapsed.

Iran’s situation is similar. Excessively high mandatory expenses and too little fiscal revenue have plunged the country into increasingly exaggerated hyperinflation, with public discontent mounting. Under these circumstances, the country’s resilience is severely lacking, and external pressure is imminent. These cases are meaningful references for understanding the global financial landscape and asset allocation.