Venice’s failed war against Constantinople led to the first bond market

The author was on Top Tradders Unplugged 2 weeks ago, giving a nice hour long summary, which inspired me to read the book: https://www.youtube.com/watch?v=jsOUuihvpzs

the story of the constantinople riots is really interesting. A foolish treaty established this unequal relationship between constantinople and venice that would later indirectly lead to the destruction of the empire through the fourth crusade and the weakening of the trade rights of its own citizens. The emperor who made that treaty was equally desperate and stupid.

Compare this to the US Civil War and the depth of perpetual debt before and after.

Technically bond markets with fiat currencies are unnecessary but for some reason they still exist.

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