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

By John Steele Gordon

Book Overview

Measured at the staggering amount of $5.1 trillion (and growing every day) the national debt is unfathomable to most Americans. What we may not realize is that the United States was born out of debt. After the Revolution, the brilliant Alexander Hamilton was less interested in paying down the Revolutionary war debt than in using it to create a vibrant national economy. If it is not excessive, he declared, a national debt will be to us a national blessing.In a fascinating narrative brimming with colorful characters, historical accidents, and American ingenuity, business historian John Steele Gordon leads us on a tour of an American institution whose largely unknown story has been integrally entwined with our country's destiny. At key points in U.S. history, Gordon shows how the national debt has been a potent instrument of fiscal policy in keeping the world safe for democracy.But how much debt is too much? At a time when we despair of balancing even a single year's budget, Hamilton's Blessing provides much needed perspective -- and hope.

• Format: Paperback
• Language: English
• ISBN: 0140270159
• ISBN13: 9780140270150
• Release Date: January 1998
• Publisher: Penguin Books
• Length: 240 Pages
• Weight: 0.40 lbs.
• Dimensions: 7.7" x 0.5" x 4.7"

Customer Reviews

Funding the Future, Repaying the Past - The Geniius of Alexander Hamilton

Hamilton's Blessing is a book that should be read by all interested in the nation's founding and the strong footing it was established on. Many picture Jefferson and Hamilton as two worthy opponents fighting over the future of the nation. Many have picture Jefferson as the winner, but after reading this book, we see that Hamilton was the true winner of this contest as his policies were the ones that set the US on the path to greatness and economic power. Gordon shows how this happened through Hamilton's efforts to monetize the national debt. Such a decision made credit available to the new nation, and ensured that the US would be able to move forward and develop without becoming dependent on a client state. Anyway, the book is a wonderful read. One I would recommend to all.

informative. well-written

very good introduction to the financial history of US. i have learnt something from this book. also this book is well-written. and no dwelling on personal gossip of some of the historical figures. view of the author is rather sound and interesting. i recommend this.

Fantastic, brief history of a nation's national debt

John Steele Gordon has taken what could be an amazingly dull topic, limited in appeal, and translated it into a spectacular read for anyone with at least a basic education. This great little book is a welcome addition for folks interested in finance, the U.S. economy, and the national deficit. Nonetheless, despite its breezy style and short length (traits typically necessary for widespread appeal), I don't expect it will reach a wide audience. Consider yourself lucky that you've discovered this plain-language, excellent primer on how our national debt came to be! The author's premise, like that of Alexander Hamilton, is that a national debt can be used constructively to monetize an economy. Both men were quite correct, and the debt served its purpose beautifully in supporting the fledging United States of America. It's subsequently been bastardized by numerous administrations, as a means of funding open-ended congressional and executive expenditures of middling value. Throughout the narrative of changes in the U.S. debt, the author details the creation and destruction of the National Bank of the United States. This institution flourished under Federalist rule, and languished or disappeared entirely when populist presidents (Thomas Jefferson, Andrew Jackson) sat in office. Overall, a remarkable book that will be discovered by too few, and certainly treasured by those lucky enough to discover it.

A Good Primer on the History of U.S. Fiscal Policy

Just two years ago, John Steele Gordon's book on the history of the U.S. federal debt would have seemed dated, even though it was published in 1997. After more than twenty consecutive years of operating in the red, the U.S. federal government had not only erased its annual deficits and began paying down the debt, but surpluses were projected over the next ten years.This is no longer the case. A tax cut, the war on terrorism, and a slowdown in the economy have combined to push the U.S. government's outlays above its revenues. They have also made this book -- "Hamilton's Blessing" -- relevant again.Gordon's book is two things: 1) a basic history describing the twists and turns of U.S. fiscal policy over the last two hundred-plus years and 2) a political tract condemning the latest turn U.S. fiscal policy has taken since the Great Society.By combining the two, Gordon seeks to show that the most recent practice of U.S. fiscal policy -- that of habitually running deficits in peacetime -- is not only unprecedented in U.S. history, but also, more importantly, unsupported by any sound theory of economics."Hamilton's Blessing" is well-written and interesting. The book is only slightly marred by a lack of detail in some areas. How exactly does a large public debt hurt your average citizen and by how much? We never find out.Gordon also should have kept his own political bent out of the book. Among other things, he spends three pages in a less than 200-page book detailing Jack Kemp's personal and political history, including his football career. All very interesting, but not really relevant to the history of the U.S. debt.

A captivating read!

This book gives wonderful insite into Hamilton and the amazing story of his overcoming much opposition to create a national bank that allowed the nascent U.S. to survive. The book then gives an interesting overview of the forces that have led to changes in the federal monetary policies since it's inception. The book was hard to put down! He gives the topics a very personal flair and answers more than just who, what and when. I am in no way professionally invoved in this field. I, most importantly found this book to be entertaining.