Where can investors spooked by wild swings in the equity markets go for a little rest and recuperation over the summer? The Swiss franc is one answer. Gold has its fans too. But a more mainstream solution to the problem is AAA-rated debt. But hold on: the biggest issuer of this paper by a long way is the American government, which only last week seemed on course to unleash chaos by failing to raise the debt ceiling. Then come two European governments, France and Germany, who issue their debt in a currency that some think is on the verge of breaking up. More sanguine types think that Germany will only be pushed into acting as finance minister to the rest of the euro zone when markets start to question its own AAA rating.
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