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Jeremy Grantham's Market Meat-Grinder

What Goes Up

CHAPTER

What Is a Perpetual Bearer Bond?

No one 15 years ago thought the cost of wind, solar and storage would be slower than building a coal plant today. In most places with decent wind or sun, you can build and operate wind and solar, cheaper than you could operate a coal plant if you were given it. A perpetual bond is a bond that pays interest every year, but never actually repays the principal. Yale University has a perpetual bearer bond issued by a Dutch agency that basically dug the canals in 1648. They are still collecting payments on this bond from 1648.

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