The violent beginnings of the bond market | The Story of Money

The US Treasury market - the world's largest government bond market - is worth around $32tn today, making it the largest pile of debt accumulated in history. But its roots lie in medieval Venice, a bloody military disaster and a leader who was forced to raise a loan to fund a war against the Byzantine Empire. What followed was a catastrophe involving pestilence, defeat, and the brutal murder of the Doge himself on the streets of Venice. But out of this crisis emerges a financial tool that transformed global capitalism: a tradable loan that offered transparency, accountability, and the foundations of the modern bond market. In a special live recording from New York, Gillian Tett and Robin Wigglesworth dive into the origins of the world’s first tradable bond. Plus, why bonds remain the ultimate check on government power today and what 12th-century Venice can teach us about current market turmoil. Further reading: A Fabulous Debt: How Bonds Made the Modern World by Robin Wigglesworth. To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here:    / @ftthestoryofmoney   Hosts: Gillian Tett and Robin Wigglesworth Senior Producer: Michela Tindera Executive Producer: Kate Ford Video Producer: Michael Saliba Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT Global Head of Audio: Flo Phillips Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com Read a transcript of this episode on FT.com