We explore how the world became so dependent on bonds, those IOUs from governments and firms that helped build the modern economy. Bonds are often dismissed as a dull corner of finance, but behind the scenes they have played a central role in major economic dramas around the world.

We hear about their history, how they have shaped companies and countries, and why some fear the bond market could trigger the next global meltdown.

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Presenter: Rob Young

(Photo: A bond issued in 1648 by a Dutch water board to finance improvements to a local dike system. The bond, written on vellum, is held at Yale University Beinecke Library and is believed to be one of the oldest in the world that still pays interest. Credit: Yale University)