The Perpetuities that are No Longer Perpetual

The Perpetuities that are No Longer Perpetual

At the beginning of 2015, the British government had £2.59 billion in undated securities outstanding, representing about 0.23% of the British government’s gilt portfolio. These bonds had no set redemption date, but could be redeemed with three months’ notice. In...
Biddle’s Bank

Biddle’s Bank

“I sincerely believe, with you, that banking institutions are more dangerous than standing armies.” – Thomas JeffersonAt the end of the Bush administration’s time in office, the government, to the chagrin of some and applause of others, instigated one of the biggest...