From Foundations to Fault Lines — Part II

Collateral Fragility

Earlier in this series:

• Part I: Cracks in the Foundations

• Part II: Collateral Fragility

• Part III: Seemingly Stable, Systemically Stressed

Cracks in the Risk-Free Bedrock

U.S. Treasuries have long served as the ultimate safe-haven asset and global collateral benchmark. But deep, structural shifts are undermining their foundation — including a retreat by forei…