Disinflation made return and safety compatible
In the period of disinflation (1980-2020), bond capital gains gave savers both safety and return when they invested in risk-free bonds (in France, in life insurance euro funds). But this is now over, as inflation and interest rates will rise in the long term: for a long time to come, it will now be necessary to choose between safety and return. If many savers now choose return, and therefore risk, it will be easier to finance the economy (long-term investments, corporate equity).