If U.s. Treasuries are risk-free / Then why are there treasury credit default swaps with a non-zero spread?
A Philosoraptor meme.
Philosoraptor is a drawing of a velociraptor resting its claw against its chin, deep in thought. Originally a T-shirt design by LonnieMachin, it became an advice animal in 2008. Captions are shower thoughts, paradoxes and wordplay: "If you try to fail and succeed, which have you done?" It's the meme for questions that make you stop and think, or at least sound like they should.