| WI wide body |
01-23-2008 02:51 PM |
Quote:
Originally Posted by jluetjen
(Post 3720336)
As opposed to...
(Sigh) Always fast and loose with the facts in order to stretch your point. :rolleyes:
Debt is a time-honored method to finance wars. It even predates the US.
- France was deeply in debt after the 7-year war (Described by Winston Churchill as "The first global war"), which contributed to the French Revolution.
- in 1523, in order to raise money, François I established a government bond system in Paris, the "rentes sur l'Hôtel de Ville" to help pay for the wars with Italy. From 1683 through to 1715 the French national debt increased from 16 million livres to 1,1 trillion livres in order to finance the wars of that time (and other things).
Of course, the other popular method of financing wars is to print money. A brief study of economics would reveal that both methods are essentially the same thing, executed differently.
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Just for the record, per The US History Encyclopedia:
"One of the first financial matters facing the new national government in 1789 was what to do about the debts that the Continental Congress and the several states had incurred. Although government officials agreed that the foreign debt, amounting to approximately $11,710,000, should be paid, they debated whether to assume the domestic debts of the Continental Congress and the states."
Note that $11.7 million figure included the debts of the states and it still is not even close to the $75+ million you listed. Maybe you need to do a little more DD before quoting goofy ***** (probably Wikipedia or some such nonsense) and then spouting off and using obviously flawed figures.
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