The world has been lulled into a false sense of "risk-free  treasuries" security over the last forty years while the borrower has  turned into an absolute degenerate.

When you really ponder the reasons people buy treasuries, they don't make much sense.

https://tftc.io/martys-bent/the-borrower-on-the-other-side-of-treasuries-is-a-deadbeat/