First published 2026
Bonds have financed the Crusades, Netflix productions, and AI data centers. They now exceed stock markets in size and rival global banking in power. Yet most people dismiss them as boring debt instruments. Robin Wigglesworth, Global Finance Correspondent for the Financial Times and author of Trillions, argues otherwise. He traces bonds from 17th-century Dutch dyke-builders to BlackRock's trillion-dollar portfolios. His account spans medieval Venice to modern Wall Street, populated by warlords and water boards, merchant princes and mathematicians, financiers and fraudsters. Wigglesworth shows how obscure financial tools became the invisible foundation of today's economy. He presents this transformation as a human story rich in drama and colorful personalities. The book serves as both historical chronicle and contemporary guide, explaining how the bond market became finance's most powerful machine.
Genres: biography, history, business, non-fiction, finance
Vibes: accessible, educational, engaging, narrative-driven, thought-provoking
Tropes: character-driven-history, expert-perspective, historical-narrative
Setting: Dutch, Venice, Wall Street
Period: 17th-century, medieval, modern
416 pages · Hardcover · Portfolio