Sovereign Debt: Financing Empires

In this episode of Money Lessons, Andy explores the evolution of sovereign debt from its early origins in ancient Mesopotamia to its transformation into a systematic foundation for modern nation-states.

He discusses the role of the Fugger family in early sovereign lending, the impact of the Glorious Revolution on government borrowing, and the establishment of the Bank of England, which revolutionized the way governments manage debt. Temte emphasizes the importance of institutional credibility in sovereign lending and warns of the risks of complacency in borrowing practices.