Hamilton's Blessing: The Extraordinary Life and Times of Our National Debt: Revised Edition

Our national debt is now so high that most of us have stopped thinking about it, because the prospect of bringing it under control is unimaginable. We consider it a national liability and fear our children will be forced to pay for our current excesses. John Steele Gordon is a welcome antidote. In 1997, his book, Hamilton's Blessing, offered a "biography" of the debt, making it very much a human drama while explaining the myriad, mostly positive, ways it has influenced America's history since Alexander Hamilton first proposed the virtues of a national debt in 1792. However, the 12 years since the book's initial publication have been perhaps the most dramatic in the debt's history-since it has more than doubled and continues on an ever-upward spiral. Now, more than ever, we need John Steele Gordon's wisdom-his revised and expanded edition of Hamilton's Blessing will put this historic expansion in perspective, allowing us to better participate in debate and discussion. Bringing a remarkable national institution to life, Gordon offers, in the process, an original view of American history, and insight into both well- and lesser-known figures who have influenced and charted our voyage, from Hamilton to Jay Cooke to John Maynard Keynes to the present. The national debt helped rescue the Union during the Civil War and raise the nation out of the Depression-thus offering hope it may serve a similar purpose in the decades to come. The classic history of the national debt, revised and updated to cover its most recent-and most dramatic-decade. John Steele Gordon is one of America's leading historians, specializing in business and financial history. He is the author of An Empire of Wealth and The Great Game. He has written for Forbes, Worth, The New York Times, The Wall Street Journal, and The Washington Post. John Steele Gordon lives in North Salem, New York Our national debt is now so high that most of us have stopped thinking
about it, because the prospect of bringing it under control is
unimaginable. We consider it a national liability and fear our children
will be forced to pay for our current excesses. John Steele Gordon is a
welcome antidote. In 1997, his book, Hamilton's Blessing, offered a
"biography" of the debt, making it very much a human drama while
explaining the myriad, mostly positive, ways it has influenced America's
history since Alexander Hamilton first proposed the virtues of a
national debt in 1792.

However, the 12 years since the book's
initial publication have been perhaps the most dramatic in the debt's
history-since it has more than doubled and continues on an ever-upward
spiral. Now, more than ever, we need John Steele Gordon's wisdom-his
revised and expanded edition of Hamilton's Blessing will put this
historic expansion in perspective, allowing us to better participate in
debate and discussion.

Bringing a remarkable national
institution to life, Gordon offers, in the process, an original view of
American history, and insight into both well- and lesser-known figures
who have influenced and charted our voyage, from Hamilton to Jay Cooke
to John Maynard Keynes to the present. The national debt helped rescue
the Union during the Civil War and raise the nation out of the
Depression-thus offering hope it may serve a similar purpose in the
decades to come. The Hamiltonian miracle Andrew Jackson redeems the debt Armageddon and the national debt The twilight of the old consensus Keynesianism and the Madison effect The debt explodes.