The Meb Faber Show · Friday, September 11, 2026
The crucial innovation that turned debt into a market was tradability, allowing bonds to be bought and sold. This enabled capital to disperse across numerous citizens and move through time, fundamentally changing how governments and entities could finance themselves.
“One of the key unlocks here to me seems this sort of tradability component. Because all of a sudden you now have a marketplace, you now have this can disperse across numerous citizens, it can move throughout time.”
“So what would people looked at Venice and said, okay, we like this idea. What next?”
“Well, it was it was born in war and it was primarily a war time tool for most countries and towns.”