Embracing the Bond Market: Masters in Business with Robin Wigglesworth
Barry speaks with Robin Wigglesworth, editor of Financial Times' Alphaville blog and author of the new book 'A Fabulous Debt: The Epic Story of How Bonds Built the Modern World'. They discuss the bond market as the engine of the global economy, why the 30-year mortgage is "a miracle of the modern world," and when we should actually start worrying about US debt. (Source: Bloomberg)
In an interview with the Financial Times’ Robin Wigglesworth, the editor of FT Alphaville, the two discussed why the bond market, not the stock market, plays the crucial role in the global economy. Wigglesworth outlined how debt built the modern world, from 12th-century Venice to today’s Treasury basis trades. He highlighted the significance of the 30-year fixed-rate mortgage as “a miracle of the modern world,” and explained how the bond market absorbed significant events like the Liberty Loans, and the rise of rating agencies, credit default swaps, and quantitative easing.
Wigglesworth also shared insights on the Fed, and addressed the ongoing question: when should we start worrying about US debt? His new book, "A Fabulous Debt: The Epic Story of How Bonds Built the Modern World," was praised in outstanding reviews, continuing the narrative started in his first book, "Trillions."
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