Global credit crunch risk from US debt, AI demand, yield spikes

A comprehensive analysis warns of a potential global credit crunch, linking US fiscal trajectory, AI-driven capital demand ($220B in 2026), Japan dumping Treasuries, and UK's doom loop. Echoes Dalio's debt cycle warnings and structural term premium shift. New data: Fed holds >50% of 10-15yr Treasuries, distorting liquidity; Jefferies identifies 10yr at 5% as a trigger for equity vulnerability. Developing story with concrete examples of systemic risk.