'A Fabulous Debt' Review: In the Name of Good Credit
- Robin Wigglesworth attempts to rebrand the terrifying volatility of the modern bond market as something to embrace.
- Dutch perpetual bonds from the 1600s are still paying out, proving debt can technically outlive your bloodline.
- The book 'A Fabulous Debt' tries to make the dry, soul-crushing world of IOUs sound like a riveting financial romance.
- Market analysts remain skeptical that anyone actually wants to 'love' their debt during an era of historic instability.
Brief Summary
Financial writer Robin Wigglesworth is on a quixotic mission to make the bond market sexy. In his new book, 'A Fabulous Debt,' he dusts off the history of perpetual bonds—those ancient Dutch IOUs that have been collecting dust and dividends since the 17th century—to argue that our current obsession with market volatility is misplaced. It is a bold attempt to convince the public that the very mechanism used to track national debt and corporate leverage is actually a misunderstood triumph of civilization.
Why This Matters
When the bond market catches a cold, your entire financial life sneezes. Because bonds underpin everything from your mortgage rates and credit card interest to the stability of your 401(k), the health of this market is the invisible hand guiding your bank account. Understanding how these instruments function—and why experts are suddenly desperate to sell you on their 'fab' nature—is critical for anyone trying to navigate a landscape where borrowing costs are no longer the predictable background noise they once were.