History
The first ever government bond was issued by the Bank of England in 1693 to raise money to fund a war against France. It was in the form of a tontine. Later, governments in Europe started issuing perpetual bonds (bonds with no maturity date) to fund wars and other government spending. The use of perpetual bonds ceased in the 20th century, and currently governments issue bonds of limited duration.
Read more about this topic: Government Bond
Famous quotes containing the word history:
“No cause is left but the most ancient of all, the one, in fact, that from the beginning of our history has determined the very existence of politics, the cause of freedom versus tyranny.”
—Hannah Arendt (1906–1975)
“Every generation rewrites the past. In easy times history is more or less of an ornamental art, but in times of danger we are driven to the written record by a pressing need to find answers to the riddles of today.... In times of change and danger when there is a quicksand of fear under men’s reasoning, a sense of continuity with generations gone before can stretch like a lifeline across the scary present and get us past that idiot delusion of the exceptional Now that blocks good thinking.”
—John Dos Passos (1896–1970)
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (1803–1882)