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How America Manages Its Debt
The underexamined art and science of managing the federal government's huge debt.
Everyone talks about the size of the U.S. national debt, now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury's decisions about whether to borrow short or long term and what types of bonds to sell to investors.
What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds.
This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.
"That is why the impressive results of the fieldwork and subsequent analytical research by the German scholar, Dr. Uli Kozok, are remarkable. By devoting considerable time and funds to his project in the interior of Sumatra, Kozok has produced results that will change the writing of the history of Malay. [...] By conducting fieldwork (Kozok saw the text in Kerinci in August 2002), by following up leads from the colonial literature (Voorhoeve's compilation), by analyzing the text without depending on accepted knowledge and by taking the step of using the latest technology to obtain an empirical perspective about the material, Kozok has succeeded in laying a major part of a foundation for the rewriting of the history of Malay in Indonesia!"- James T. Collins (2004, pp. 18-19)
A Memoir of Resistance
163256: A Memoir of Resistance is Michael Englishman’s astonishing story of courage, resourcefulness, and moral fibre as a Dutch Jew during World War II and its aftermath, from the Nazi occupation of Holland in 1940, through his incarceration in numerous death and labour camps, to his eventual liberation by Allied soldiers in 1945 and his emigration to Canada. Surviving by his wits, Englishman escaped death time and again, committing daring acts of bravery to do what he thought was righthelping other prisoners escape and actively participating in the underground resistance.
A man who refused to surrender his spirit despite the loss of his wife and his entire family to the Nazis, Englishman kept a promise he had made to a friend, and sought his friend’s children after the war. With the children’s mother, he made a new life in Canada, where he continued his resistance, tracking neo-Nazi cells and infiltrating their headquarters to destroy their files.
Until his death in August 2007, Englishman remained active, speaking out against racism and hatred in seminars for young people. His gripping story should be widely read and will be of interest to scholars of auto/biography, World War II history, and the Holocaust.
Politics and Plotting in Eighteenth-Century Korea
The 1728 Musin Rebellion: Politics and Plotting in Eighteenth-Century Korea provides the first comprehensive account in English of the Musin Rebellion, an attempt to overthrow King Yŏngjo (1694–1776; r. 1724–1776), and the largest rebellion of eighteenth-century Korea. The rebellion proved unsuccessful, but during three weeks of fighting the government lost control of over a dozen county seats and the rebels drew popular support from the inhabitants of three southern provinces. The revolt profoundly unsettled the early years of Yŏngjo's reign and had considerable influence on the subsequent course of factionalism. In this keenly reasoned study, Andrew David Jackson investigates the causes, development, suppression, legacy, and significance of the bloody Musin Rebellion.
The Musin Rebellion had its roots in the factional conflicts surrounding Yŏngjo's troubled succession to the throne. Jackson analyzes an aspect of the conflict previously neglected by researchers, namely how the rebels managed to create an armed rebellion. He argues that the rebellion should be understood in the context of other attempts on power by factional members that occurred over a hundred-year period leading up to 1728. By exploring the political and military context of the event, the book demonstrates that the Musin Rebellion was not driven by systemic breakdown, regionalism, or ideology, but was a failed attempt by political players to take control of the court. Central to the eruption of violence in 1728 was the intervention of key rebel plotters, several of whom were serving officials with access to state military resources. The book provides an in-depth view of factional politics in the Chosŏn court, and the final section deals with the rebel legacy, bringing to the fore issues about managing, forming, and directing the historical memory of the rebellion.
The Year of the Hangman
“A revisionist view of the Revolution’s most crucial year… it explodes many of the myths surrounding Burgoyne’s Canadian expedition and Howe’s Pennsylvania campaign. There is a wealth of fascinating detail in this book, including information on arms and supplies, rations for women camp followers, and even the numbers of carts (30-odd) carrying Burgoyne’s luggage.”
"The year 1816 found America on the cusp of political, social,cultural, and economic modernity. Celebrating its fortieth year of independence, the country's sense of self was maturing. Americans, who had emerged from the War of 1812 with their political systemsintact, embraced new opportunities. For the first time, citizens viewed themselves not as members of a loose coalition of states but as part of a larger union. This optimism was colored, however, by bizarre weather. Periods of extreme cold and severe drought swept the northern states and the upper south throughout 1816, which was sometimes referred to as "The Year Without a Summer." Faced with thirty-degree summer temperatures, many farmers migrated west in search of better weather and more fertile farmlands. In 1816, historian C. Edward Skeen illuminates this unique year of national transition. Politically, the "era of good feelings" allowed Congress to devise programs that fostered prosperity. Social reform movements flourished. This election year found the Federalist party in its death throes, seeking cooperation with the nationalistic forces of the Republican party. Movement west, maturation of political parties, and increasingly contentious debates over such issues as slavery characterized this pivotal year. 1816 marked a watershed in American history. This provocative new book vividly highlights the stresses that threatened to pull the nation apart and the bonds that ultimately held it together.
Lincoln's Pivotal Year
America Makes War and Peace in Lincoln’s Final Year
In 1865 Americans faced some of the most important issues in the nation’s history: the final battles of the Civil War, the struggle to pass the Thirteenth Amendment, the peace process, reconstruction, the role of freed slaves, the tragedy of Abraham Lincoln's assassination, and the trials of the conspirators. In this illuminating collection, prominent historians of nineteenth-century America offer insightful overviews of the individuals, events, and issues that shaped the future of the United States in 1865.
Following an introduction by renowned Lincoln scholar Harold Holzer, nine new essays explore the end of the Civil War, Lincoln’s death, and the start of the tentative peace in 1865. Michael Vorenberg discusses how Lincoln shepherded through the House of Representatives the resolution sending the Thirteenth Amendment to the states for ratification, John F. Marszalek and Michael B. Ballard examine the partnership of Lincoln’s war management and General Ulysses S. Grant’s crucial last thrusts against Robert E. Lee, and Richard Striner recounts how Lincoln faced down Confederate emissaries who proposed immediate armistice if Lincoln were to reverse the Emancipation Proclamation. Ronald C. White Jr. offers a fresh look at Lincoln’s second inaugural address, and Richard Wightman Fox provides a vivid narrative of Lincoln’s dramatic walk through Richmond after the Confederates abandoned their capital.
Turning to Lincoln’s assassination, Edward Steers Jr. relates the story of Booth’s organizational efforts that resulted in the events of that fateful day, and Frank J. Williams explains the conspirators’ trial and whether they should have faced military or civilian tribunals. Addressing the issue of black suffrage, Edna Greene Medford focuses on the African American experience in the final year of the war. Finally, Holzer explains the use of visual arts to preserve the life and legacy of the martyred president.
Rounding out the volume are a chronology of national and international events during 1865, a close look at Lincoln’s activities and writings from January 1 through April 14, and other pertinent materials. This thoughtful collection provides an engaging evaluation of one of the most crucial years in America’s evolution.