A Bond Is Born : Planet Money How the invention of the government bond saved a bunch of mid-level politicians from certain death and became one of the most important pieces of financial technology the world has ever seen.
NPR logo A Bond Is Born

A Bond Is Born

Filippo Monteforte/AFP/Getty Images
A gondola sails in a Venice canal in September.
Filippo Monteforte/AFP/Getty Images

Venice was a financial powerhouse in the twelfth century, but when the Byzantine Empire started imprisoning Venetian merchants, Venice had to strike back. To do that, it needed to raise money. Venetian politicians started a new kind of loan, the "prestiti," so they could borrow money for war. Today on The Indicator, how the the first bond came to be and how it transformed the way governments borrow money.

Music "Morning Start", "Offertorium: Ecce apertum est Templum tabernaculi"

Find us: Twitter/ Facebook.

Subscribe to our show on Apple Podcasts, PocketCasts and NPR One.