Subject: OT: US Treasuries
A question, raised by another "The Economist" article with the title "Imagining a world without a safe asset":

https://archive.ph/y7Z1N

Quote:
Foreign investors have relied on Treasuries as a safe asset in their portfolios, where their alternatives were far more volatile government bonds at home. They have nothing to replace Treasuries with.
...... A world where Treasuries are no longer reliable safe assets will be a world in which there are no plausible replacements at all.

Arenīt US stocks which are not richly valued (Berkshire) those replacements, safe assets if seen with a long time horizon? As contrary to holding cash you own part of the company, a value not halfed overnight even if the $ is devalued?

Apologies for a probably stupid question. I am no economist and don't pretend to have any idea about monetary theory.
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P.S.: I am assuming above that there are no capital flow restrictions - which of course could come with a great financial crisis, preventing foreigners from accessing their assets in whatever form they are.