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Public Debt, Inequality, and Power : The Making of a Modern Debt State (Paperback) (Sandy Brian Hager)

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Who are the dominant owners of US 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 have been increasingly concentrated in the hands of the 1% over the last three decades. Based on extensive and original research, Public Debt, Inequality, and Power will shock and enlighten. At publication date, a free ebook version of this title will be available through Luminos, University of California Press’ new Open Access publishing program for monographs. Visit to learn more.

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