Why Do We Have Bonds Today?

Bonds were created to unlock the wealth of the landed gentry, right? So now they could create an entire asset class where they weren't just trading, contrite trading with monarchs. They're now get to trade with actual individual land and gentry in England. And to that degree, that part of the story is more interesting than the story of the creation of bonds. It's to the degree that you create a stock exchange to provide liquidity to your joint, your pieces of joint stock corporations,. You generate a lot more liquidity.