First published by Money Metals Exchange here: https://www.moneymetals.com/news/2023/03/13/treasuries-risk-free-or-risk-unlimited-002702

The high-profile collapse of Silicon Valley Bank last week is a story about bad debt, just not in the way most people think. Bank executives didn't issue too many loans to poor quality borrowers. They made what they believed to be conservative investments in the safest of all assets. The bad debt turned out to be U.S. Treasuries - an asset class they assumed to be "risk free."