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national debt |
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national debt: see debt, public debt, public, indebtedness of a central government expressed in money terms, often referred to as national debt. The debt is computed differently by nearly every nation. ..... Click the link for more information. . national debtor public debtTotal indebtedness of a government, especially as evidenced by securities issued to investors. The national debt grows whenever the government operates a budget deficit—that is, when government spending exceeds government revenues in a year. To finance its debt, the government can issue securities such as bonds or treasury bills. The level of national debt varies from country to country, from less than 10% of the gross domestic product (GDP) to more than double it. Public borrowing is thought to have an inflationary effect on the economy and thus is often used during recessions to stimulate consumption, investment, and employment. See also deficit financing; John Maynard Keynes. national debt the total outstanding borrowings of a nation's central government |
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Written by professional trial lawyer and history expert John Remington Graham, Blood Money: The Civil War and the Federal Reserve is a scholarly and studious examination of an oft-neglected aspect of the American Civil War--how the great international banking houses augmented the pre-existing antagonisms between North and South, how the Federal Reserve came to be created, and the negative legacies of public debt following the Civil War. For on examining each of those three countries, he found that their public debt levels and their public debt dynamics were appreciably worse than those in the major emerging market economies such as Brazil, Russia, India, or China. This assertion might seem odd to James Carville, who once mused that he would like to be reborn not as the president or the pope, but as the bond market--because then he could "intimidate everyone" It would also provoke objection from Thomas Jefferson, who railed against public debt as a tyranny imposed by dead generations. |
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