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BOND: The general term for a long-term loan in which a borrower agrees to pay a lender an interest rate (usually fixed) over the length of the loan and then repay the principal at the date of maturity. Bond maturities are usually 10 years or more, with 30 years quite common. Bonds are used by corporations and federal, state, and local governments to raise funds. Most bonds are negotiable, or can be readily traded prior to their maturity date. The price at which a bond sells depends on the original amount borrowed, the interest rate the bond pays, and comparable interest rates and returns on other investments in the economy.
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SEVENTH RULE OF COMPLEXITY The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." -- Henry Ford
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WACM
Weak Axiom of Cost Minimization
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