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Fortune
Fortune
Jason Ma

300 years of wars show they are 'always disaster times' for holders of government debt because of inflation and financial repression

(Credit: U.S. Navy via Getty Images)

Government bonds, especially Treasuries, have long been seen as a safe haven during recessions, geopolitical calamities, and other market-moving disasters that create uncertainty.

But after looking at 300 years of U.S. and U.K. history, the Center for Economic Policy Research found that wars and pandemic-scale emergencies have pummeled holders of debt.

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