thursday october 20 2022
As a student of economic history, Kwasi Kwarteng should have known traders have called the shots since Napoleon, writes Jill Treanor
For hundreds of years, bond markets have been one of the key driving forces of momentous events. They helped secure the Duke of Wellington’s famous victory at the Battle of Waterloo by raising the funds to get the troops on the ground. The American Civil War and the 20th century’s two world wars were fought as a result of finance raised through bonds. And when Covid gripped the world, governments issued trillions of pounds of bonds to fight the economic war caused by the health emergency.
Nathan Rothschild, the biggest player in the European bond market’s early years, wielded so much power that he could reputedly dictate which government ministers were hired, or fired.
In these past few weeks, the bond market has struck again,
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