There was a huge bubble in t-bills back in november as the Great Deleverage was occurring, and the bubble has most certainly popped. Now define "safe." There's

There was a huge bubble in t-bills back in november as the Great Deleverage was occurring, and the bubble has most certainly popped. Now define "safe." There's safe in terms of geopolitical risk, and then there's safe in terms of capital protection/appreciation. The former is not in question (except by few). The latter is the more complex one; as more dollars get printed, there's much less demand for treasuries as they don't protect against inflation and the returns versus the risk-weighted returns you get in other riskier assets make it not a wise choice.