Niall Ferguson's "The Ascent of Money" discusses the historical nature of debts, emphasizing their transferable quality. Unlike modern financial practices where creditors are named, debts in earlier economies were often structured as 'pay the bearer'. This meant that anyone holding the debt instrument could claim its value, granting more fluidity and flexibility in transactions.

This practice reflects a simpler financial system that relied on the physical transfer of debt instruments, facilitating trade and commerce. It highlights the evolution of financial systems over time and how they have adapted to meet the needs of increasingly complex economies.