New Book Unveils Bond Market’s Global Historical Journey
Financial journalist Robin Wigglesworth, best known for his work on Trillions and as the editor of the Financial Times’s Alphaville blog, has published his latest book, A Fabulous Debt.
The book explores the history of the bond market, tracing its evolution from its origins in 12th-century Europe to the present day.
A Journey Through Financial History
A Fabulous Debt introduces key figures who shaped the bond market. From Doge Vitale II and his warships to Michael Milken and Lewis Ranieri, the book highlights the individuals behind major financial innovations.
The narrative structure, centered around these protagonists, makes the complex history of bonds engaging and accessible.
One reviewer, a self-described Bond Vigilante, admits to being unaware of basic bond history, such as the location of the first bond market or the identity of the first corporate bond issuer.
A Fabulous Debt answers these questions and more, providing an account of the bond market’s development that is easy to understand.
Beyond the Numbers
While the book covers technical aspects like corporate bonds, government bonds, and quantitative easing, it also includes anecdotes and personal stories.
For instance, the book reveals that the first bond was essentially an involuntary loan imposed on the wealthy and shares amusing tales of wartime bond purchasers who misunderstood their obligations.
The reviewer notes that the book’s strength lies in its ability to make financial history entertaining and relatable.
By connecting historical events to modern financial concepts, A Fabulous Debt offers valuable insights into the ancestry of today’s financial system.
The book’s exploration of the US post-independence period, for example, adds depth to popular cultural depictions, like Hamilton, by detailing the specific bonds that emerged from this era.
Its account of the Bretton Woods agreement brings to life a typically dry topic, highlighting the personalities and rivalries that shaped this event.
From the significance of Venice’s Rialto to the reasons behind Luxembourg’s missed opportunity in the bond market, A Fabulous Debt is a treasure trove of financial trivia and historical insights.
A Global Financial Journey
The book traces the bond market’s evolution across continents. From Napoleon’s financial struggles to the Rothschild banking dynasty’s rise, Wigglesworth showcases how bonds have shaped history worldwide.
Wigglesworth reveals the origins of quantitative easing (QE) long before the 21st century.
A Treasure Trove of Financial Insights
It reveals fascinating facts, such as the reason behind North Dakota’s capital being named Bismarck and the historical significance of Venice’s Rialto. The book also sheds light on Luxembourg’s missed opportunity in the bond market, worth €40 trillion.
