How Bonds Quietly Built the Modern World ft. Robin Wigglesworth | Ideas Lab | Ep.53

Summary

Kevin Cold Iron interviews Robin Wigglesworth about his book on the history of bonds and how bond markets built the modern world. They discuss Venice's accidental invention of tradable debt, the Dutch and British bond markets, and how Milken's junk bond innovations changed high-yield markets. The conversation turns to current markets, where Robin argues Bessent's Treasury buybacks will not cap long-end volatility, flags fragility in the Treasury basis trade, and remains optimistic about European capital market integration and fixed income ETF and tokenization trends.

• Robin Wigglesworth discusses his book A Fabulous Debt and the history of bond markets.
• Venice accidentally created the first tradable bond market; consolidation and fixed interest rates aided its spread.
• Dutch and British bond markets helped build state power, reserve-asset status, and democratic accountability.
• Europe is slowly integrating capital markets, though a true Eurobond market remains unlikely.
• Michael Milken's original-issue junk bond market transformed high-yield markets and later saw heavy defaults.
• Fixed income ETFs are improving bond market liquidity, especially in credit, and tokenization is an emerging trend.
• Bessent's Treasury buybacks are unlikely to cap long-end volatility, and the Treasury basis trade remains fragile.