Why the 100-Year Bond is Unethical
1st September 2019
As with many other libertarian screeds, this essay assumes that things headed to Hell in a handbasket must not fail to arrive there. Britain once had a species of public debt that was perpetual, i.e. the borrower could at no time demand return of his investment, but was forced to depend upon being able to sell it to someone else. These were called ‘consols’, and figure prominently in British fiction. They were, however, finally redeemed in 2014, and so no longer exist — an excellent illustration of the folk wisdom ‘never say never’.