Back in September, when the Wall Street Journal headlined an item about Bill Gross's Pimco increasing its Treasury holdings "Risk Avoidance," this site took exception, writing, "the Journal seems to be buying into the idea that U.S. Treasury bonds are low risk, or even no-risk. Traditionally U.S. Treasury bonds have had low risk of default, but they certainly aren't risk-free. ...while it may seem a remote possibility, the risk that the Treasury would default on certain government debt is not so remote that it isn't being discussed in some corners of Wall Street. Most see inflation/dollar devaluation as a more likely scenario because it avoids the public embarassment of a default. But these are risks, and someone investing in U.S. government bonds isn't avoiding those risks, he's embracing them." The Wall Street Journal now seems to have come around to FutureOfCapitalism.com's point of view on the matter, with a column noting that the price of insuring against a Treasury default has soared in recent months, and reporting, "Widows, orphans and retires [sic] are constantly reassured that such bonds are without risk. They're not....For investors, the greatest danger is not that America could formally default on its debts, it's that the government may informally default by unleashing inflation. It's hard to see another outcome."