Customer Reviews

The Truth About the National Debt: Five Myths and One Reality

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This is a must read for anyone who wants to know about the national debt and its significance, or as you will find out in the book, its lack thereof.

The only point I disagree with is his argument of the insignificance of foreign debt. I feel this is still a major issue. Also, he tries to go into other aspects of government funding that are problematic, but I found it very difficult to understand.

This man was at the center of Treasury financing policy and technique for many years, particularly during the late 60s and early 70s when Treasury borrowing methods changed toward their present form: note and bonds being auctioned rather than offered for subscription, yield auctions, book-entry over paper, etc. He is probably (and maybe the only) person who could write a definitive history of post WWII US financing history - something which is really lacking. Not to mention he could tell debt ceiling stories to curl your toes.

"This book provides a nice overview about public finance and what the national debt actually is. I found Mr. Cavanaugh's book to be very interesting and insightful. Today, the national debt is constantly talked about in the news and by politicians and policy analysts. Before you vote or agree to any specific policy, please read this book and understand how public finance actually works and what the national debt is and what it is not."