Before World War I
Governments throughout history have needed to borrow money to fight wars. Traditionally they dealt with a small group of rich financiers such as Jakob Fugger and Nathan Rothschild but no particular distinction was made between debt incurred in war or peace. An early use of the term "war bond" was for the $11m raised by the US Congress in an Act of 14 March 1812, to fund the War of 1812, but this was not aimed at the general public. Perhaps the oldest bonds still outstanding as a result of war are the British Consols, some of which are the result of the refinancing of debts incurred during the Napoleonic Wars.
Read more about this topic: War Bond
Famous quotes containing the words war i, world and/or war:
“I can not believe that war is the best solution. No one won the last war, and no one will win the next war.”
—Eleanor Roosevelt (1884–1962)
““Must we burn Sade?” asks Mme de Beauvoir. Now that you mention it, why not? The world is littered with literature. And Sade teaches us little about human nature which we couldn’t gather from a few minutes of honest introspection.”
—D.J. Enright (b. 1920)
“The War was decided in the first twenty days of fighting, and all that happened afterwards consisted in battles which, however formidable and devastating, were but desperate and vain appeals against the decision of Fate.”
—Winston Churchill (1874–1965)