With central bank credibility suddenly on the line once again, following both the Fed’s June rate hike punt (so it doesn’t disturb “data-dependent” stocks), and with a possible imminent Greek default and Grexit, which will crush the ECB’s “political capital” and “irreversible union” propaganda, it is time once again to check what are the safe assets in a world in which nearly one quadrillion in “paper wealth” exists solely due to faith in solvent counterparties, a faith which has been bought by the central banks at a cost of €22 trillion so far, and which is rising exponentially wi