Izabella Kaminska(@izakaminska):In his interview with @PeterMcCormack Russell Napier points out that a 50-year French government bond issued in 2021 with a 0.5% coupon has, as of the interview, lost roughly 78% of its capital value, while French CPI has risen 18% over the same period. This has effectively wiped out the purchasing power of the supposedly "risk-free" asset.

Izabella Kaminska

@izakaminska

Founder Editor of The Blind Spot @theblindsp0t and The Peg @cashequivalence. Previously POLITICO, and FT. Fights for the human. Typos, syntax errors guaranteed.

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Izabella Kaminska@izakaminska

2026.09.22 10:51

In his interview with @PeterMcCormack Russell Napier points out that a 50-year French government bond issued in 2021 with a 0.5% coupon has, as of the interview, lost roughly 78% of its capital value, while French CPI has risen 18% over the same period. This has effectively wiped out the purchasing power of the supposedly "risk-free" asset.

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