Even though it never has to, the U.K. is going to pay off a few old loans, including some dating to a refinancing of the country’s World War I debt. For those bonds, in perpetuity means until “the 100th anniversary of when we realized what an unceasing quagmire we had gotten ourselves into.”
“This is a moment for Britain to be proud of. We can, at last, pay off the debts Britain incurred to fight the World War I,” said Chancellor of the Exchequer George Osborne.
Is it, George? Was it really not possible, at any point in the last century until now, for the country that once ruled a quarter of the world’s landmass to make a $3 billion bond payment? If so, it does not seem like much to be proud of.