There’s been tremendous political wrangling in the US recently about raising the debt ceiling (how much money we allow ourselves to borrow). The U.S. is not the first country in history borrow money and we won’t be the last. In the late imperial period until the early 1920s, Russia needed cash, and they got it from Britain and France. Owing so much money gave Russia a kind of power; if Russia defaulted, it would have been catastrophic for the countries that lent them money.
Guest: Duke professor Jennifer Siegel. Her book is For Peace and Money: French and British Finance in the Service of Tsars and Commissars.