Eliezer,
Your criticism seems a bit superficial (in that I think almost everyone already realizes that T-bills aren’t inherently “risk-free”), it’s just that the U.S. federal government is perceived to have the best credit-rating in the world, in terms of likelihood to pay back money loaned to it.
Still I think it can be useful to be reminded of obvious things.
Eliezer, Your criticism seems a bit superficial (in that I think almost everyone already realizes that T-bills aren’t inherently “risk-free”), it’s just that the U.S. federal government is perceived to have the best credit-rating in the world, in terms of likelihood to pay back money loaned to it.
Still I think it can be useful to be reminded of obvious things.