What happens when there are no longer any risk-free assets?

It is possible that OECD countries are now moving towards a situation where there are no longer any risk-free assets: Economic agents may have doubts about the value of money, given the unlimited growth in the money supply; Public debt is becoming increasingly risky as public debt ratios rise and potential growth slows down. What happens if there are no longer any risk-free assets? Either the relatively least risky asset ( government bonds of core euro-zone countries) is considered as a risk-free asset; Or economic agents look for a new risk-free asset: gold, private currencies. Moreover, if financial assets are considered risky across the board, there may be structural precautionary savings aimed, for example, at ensuring a minimum level of retirement.