James Carville, an ostentatiously aggressive adviser to Bill Clinton, once said that when he died, he wanted to be reincarnated ‘as the bond market – you can intimidate everybody’.
Carville and Clinton had learned something that a lot of people in UK politics seem to be overlooking. The bond market, where government loans (gilts, in the UK) are traded, can decide what governments can – and cannot – do.
Already a subscriber? Log in
Get 10 issues
for $20
Subscribe to The Spectator Australia today for the next 10 magazine issues, plus full online access, for just $20.
- Delivery of the weekly magazine
- Unlimited access to spectator.com.au and app
- Spectator podcasts and newsletters
- Full access to spectator.co.uk
Or
Comments
Don't miss out
Join the conversation with other Spectator Australia readers. Subscribe to leave a comment.
SUBSCRIBEAlready a subscriber? Log in