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Who are the dominant owners of U.S. public debt? Is it widely held,
or concentrated in the hands of a few? Does ownership of public
debt give these bondholders power over our government? What do we
make of the fact that foreign-owned debt has ballooned to nearly 50
percent today? Until now, we have not had any satisfactory answers
to these questions.
Public Debt, Inequality, and Power is
the first comprehensive historical analysis of public debt
ownership in the United States. It reveals that ownership of
federal bonds has been increasingly concentrated in the hands of
the 1 percent over the last three decades. Based on extensive and
original research,
Public Debt, Inequality, and
Power will shock and enlighten.