Government bonds are used as a broadly risk-free asset against which other financial instruments are priced (see article).

ECONOMIST: Coping with surpluses

That is not bad for a risk-free asset with a maturity of one to six years in theory, and often only a few months in practice.

ECONOMIST: India's finances

Unfortunately, because QE involves the exchange of one risk-free asset (bank reserves) for another (Treasury securities), QE does nothing to increase the amount of risk-free assets available to the market.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head

Mutualising part of the national debts would create a risk-free European asset.

ECONOMIST: Charlemagne

This currency could serve as a risk-free global asset.

ECONOMIST: Reserve currencies

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FORBES: Connect

Only a few short years ago, many financial planners insisted that stocks become virtually risk-free if you just hold on to them long enough, guaranteeing you a higher return than any other asset.

WSJ: The Intelligent Investor: Lessons From the Iditarod