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Public debt

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.

PUBLIC DEBT. That which is due or owing by the government.
     2. The constitution of the United States provides, art. 6, s. 1, that "all debts contracted or engagements entered into, before the adoption of this constitution, shall be as valid against the United States under this constitution, as under the confederation." It has invariably been the policy since the Revolution, to do justice to the creditors of the government. The public debt has sometimes been swelled to a large amount, and at other times it has been reduced to almost nothing.



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Written by professional trial lawyer and history expert John Remington Graham, Blood Money: The Civil War and the Federal Reserve is a scholarly and studious examination of an oft-neglected aspect of the American Civil War--how the great international banking houses augmented the pre-existing antagonisms between North and South, how the Federal Reserve came to be created, and the negative legacies of public debt following the Civil War.
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This assertion might seem odd to James Carville, who once mused that he would like to be reborn not as the president or the pope, but as the bond market--because then he could "intimidate everyone" It would also provoke objection from Thomas Jefferson, who railed against public debt as a tyranny imposed by dead generations.
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