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“As the Germans learned during the Weimar Republic, markets may conclude that the central bank emperor has no clothes.

The US is not there yet. And there are no good alternatives to the dollar and US treasuries. For investors, the message pro tem is that bonds, while unsafe and very risky, offer a substantial yield uptick relative to central banks’ inflation targets of around 2 per cent. The financial world is nothing if not paradoxical.”

https://archive.ph/2023.08.11-191223/https://www.ft.com/content/91f39150-9abe-4257-8d52-17520d35e534