The Rise and Fall of the Bond Market Traders

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In the 1980s, Margaret Thatcher famously said that 'You can’t buck the markets' and Governments back then feared that, if they borrowed too much, they'd pay a terrible price in the markets in terms of higher borrowing costs. But now governments around the world are borrowing record amounts but paying record-low rates. In this programme Philip Coggan examines how the markets were tamed. Philip talks to Don Kohn, former vice chairman of the Federal Reserve, economist and author Eric Lonergan, Andrew Balls, Chief Investment Officer at Pimco and economist and author Stephanie Kelton. Producer: Ben Carter Editor: Jasper Corbett