How bonds make — and break — nations
Unhedged
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The History of Bonds
For basically almost a thousand years, there's all governments. Then in the later part of the 20th century, it's not just sovereigns that are issuing bonds anymore. The first corporate bond was actually in Amsterdam is a Dutch East India company. So debt crises have been around for millennia. But today, literally, countries like Zambia, Ghana, Pakistan, Sri Lanka are in debt crises. And to a large extent, that is caused by borrowing money through bonds.
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