Again, worrying about the long term value is an entirely different problem from worrying about your assets temporarily shrinking 10%. I was talking about the former. SVB, an example of the latter, does not affect my argument. And again, SVB could have used shorter term bonds to avoid that problem.

> I'd be very happy to have you as my investor in some long term bonds---with terrible below-market-but-barely-positive interest rates.

Very funny. Look, that's one feature of Treasury bonds, not the only feature. They get pretty good yields compared to gold in the long term, and you can trust them a lot.