How bonds make — and break — nations
Unhedged
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The Other Side of Bonds
Bonds are a cornerstone of the financial system. Pretty much every government uses them to borrow, pretty much every company using them to borrow. A huge shift has happened in bond markets globally after the financial crisis. We've kind of squeezed risks out of the banking system and pushed it into the bond market. That's a great home for it. But doesn't mean that that risk has disappeared. It's just kind of morphed and changed its nature - which is good but also hard to monitor.
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