Only the monetary authorities can create and issue safe assets. A safe asset is not offset by any liability so no private entity can issue it. The nominal value of a safe asset is fixed and it usually offers no nominal yield. The rationale for safe assets can be traced to the factors underlying the Keynesian liquidity trap. Since late 2008 the Fed has paid 0.25 percent on member bank reserves held in deposits at the Fed. This is part of the program known as ‘quantitative easing.’ It may have presented collapse of the U.S. banking system.