Tuesday, November 25, 2008

Liberty Bond Drive

This picture was taken in about 1917 or 1918 and shows a Liberty Bond Drive. Bonds were used to help finance our participation in World War I. Buying bonds was viewed as a patriotic act to fund a war effort, and was a form of borrowing used by the Government. Now days, most of the debt is funded by foreign countries, or large institutions. The Government does not need the support at the grass roots level to borrow or go further into debt.

1 comment:

  1. It looks to me like the incoming Administration is not afraid of deficit spending with the tripling of the bailout estimate for banks and homeowners. Throw in the American auto industry and we will be repaying ourselves and a great number of other countries for the next 25 years or so; assuming we could make enough money to make the payments.

    Gee, if we defalt, who will bail our America? Maybe the "RussoEuroChinaIndia Corporation". They could probably contract with Mexico to oversee our day to day needs and keep us in line.