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The Price of Liberty : Paying for America's Wars - Robert D Hormats

The Price of Liberty

Paying for America's Wars

Paperback Published: 8th January 2008
ISBN: 9780805087239
Number Of Pages: 344

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"Admirably comprehensive . . . "The Price of Liberty "shows that Hormats] knows his history."--Niall Ferguson, "The Wall Street Journal" America's first secretary of the Treasury, Alexander Hamilton, identified the Revolutionary War debt as a threat to the nation's very existence. Ever since, Hamilton's principles for securing the country through sound finances have guided leaders from Madison and Lincoln to FDR and George H. W. Bush as they have fought to protect the United States--with the invention of the greenback, a progressive income tax, Victory Bond campaigns, and cost-sharing with allies.
In this bracing work of history, Robert D. Hormats, one of America's leading experts on international finance, argues that the United States must realign its policies on taxes, defense spending, Social Security, Medicare, and oil dependency to safeguard the nation in the coming decades. Robert D. Hormats is the vice chairman of Goldman Sachs (International) and a managing director of Goldman, Sachs & Co. He has served in numerous presidential administrations and is a former member of the board of directors of the Council on Foreign Relations. His articles appear frequently in "The Wall Street Journal," "Financial Times," "The New York Times," and "Foreign Affairs." He lives in New York City. More than two centuries ago, America's first secretary of the treasury, Alexander Hamilton, identified the Revolutionary War debt as a threat to the nation's creditworthiness and its very existence. In response, he established financial principles for securing the country--principles that endure to this day. In this provocative history, Robert D. Hormats, one of America's leading experts on international finance, shows how leaders from Madison and Lincoln to FDR and Reagan have followed Hamilton's ideals, from the greenback and a progressive income tax to the Victory Bond and Victory Garden campaigns and cost-sharing with allies.
Drawing on these historical lessons, Hormats argues that the rampant borrowing to pay for the war in Iraq and the short-sighted tax cuts in the face of a long-term war on terrorism run counter to American tradition and place our country's security in peril. To meet the threats facing us, Hormats contends, we must significantly realign our economic policies--on taxes, Social Security, Medicare, and oil dependency--to safeguard our liberty and our future. "Bob Hormats has taken on the impossible: making lively history of the fiscal side of America's wars. Taxes and spending, economics and politics, all mixed up together in times of national crisis, from the Revolution and Alexander Hamilton to Iraq and both George Bushes. There are lessons to be learned and too often forgotten, even for the financing of the new 'War on Terror.'"--Paul Volcker, former chairman of the Federal Reserve "Bob Hormats has taken on the impossible: making lively history of the fiscal side of America's wars. Taxes and spending, economics and politics, all mixed up together in times of national crisis, from the Revolution and Alexander Hamilton to Iraq and both George Bushes. There are lessons to be learned and too often forgotten, even for the financing of the new 'War on Terror.'"--Paul Volcker, former chairman of the Federal Reserve "Hormat's comprehensive and valuable new book, "The Price of Liberty," examines wars from the founding of the republic to the present day."--Aaron L. Friedberg, " Foreign Affairs" "In "The Price of Liberty," Hormats makes a clear and convincing case that until recently leaders from both parties in the White House, Treasury Department and Congress possessed the skill and political will to raise the enormous sums necessary to win wars--and they pay down the debt as rapidly as possible . . . A lucid financial history of America's wars, hot and cold, "The Price of Liberty" examines the costs and benefits (including the impact on inflation) of income and corporate taxes, progressive and regressive levies, and short- and long-term bonds."--Glen C. Altschuler, "The Baltimore Sun" ""The Price of Liberty" is both a superb history and an urgent call for appropriate fiscal policy in the current campaign against terrorism. Hormats shows that, time and again, how wars were paid for determined how wars were fought--and won or lost. An important and timely book."--David M. Kennedy, author of "Freedom from Fear
""In "The Price of Liberty," Robert D. Hormats describes how the United States has financed its security over time, with a peculiar emphasis upon financing armed conflict. Hormats is a vice chairman of Goldman Sachs International, a veteran of distinguished government appointments in his area of expertise and a worthy authority on this subject."--Brg. Gen. John S. Brown, "Army
""Robert Hormats mounts a compelling argument that America faces large-scale economic catastrophe due to lack of a long-term, fiscally sound strategy for meeting military and security needs as well as domestic obligations. "The Price of Liberty" is a fascinating book and its message is hard to ignore.--Henry Kissinger "Hormats links economics with history and politics in a must-read for anyone who would understand the fundamentals of America's national security. Lucid and engrossing, "The Price of Liberty "provides a new and vital perspective for students of national security."--General Wesley K. Clark, former Supreme Allied Commander Europe "A vigorous account, by a Goldman Sachs VP and presidential adviser, of the high cost of combat. From the nation's beginnings, leaders have worried about the burdens the citizenry would have to take up in order to pay for their military, with George Washington warning that debts 'which unavoidable wars may have occasioned' should not be charged to future generations but paid for as soon as possible through taxes, however hated taxes might be. A sense of fairness governed presidents until recently; during the War of 1812, for instance, Madison approved a $3 milli

Industry Reviews

"Bob Hormats has taken on the impossible: making lively history of the fiscal side of America's wars. Taxes and spending, economics and politics, all mixed up together in times of national crisis, from the Revolution and Alexander Hamilton to Iraq and both George Bushes. There are lessons to be learned and too often forgotten, even for the financing of the new 'War on Terror.'" --Paul Volcker, former chairman of the Federal Reserve

"The Price of Liberty is both a superb history and an urgent call for appropriate fiscal policy in the current campaign against terrorism. Hormats shows that, time and again, how wars were paid for determined how wars were fought--and won or lost. An important and timely book." --David M. Kennedy, author of Freedom from Fear

"Robert Hormats mounts a compelling argument that America faces large-scale economic catastrophe due to lack of a long-term, fiscally sound strategy for meeting military and security needs as well as domestic obligations. The Price of Liberty is a fascinating book and its messsage is hard to ignore." --Henry Kissinger

"Hormats links economics with history and politics in a must-read for anyone who would understand the fundamentals of America's national security. Lucid and engrossing, The Price of Liberty provides a new and vital perspective for students of national security." --General Wesley K. Clark, former Supreme Allied Commander Europe

Introduction: A Country Born of War and Debtp. XIII
Hamilton's Vision: Securing the Nation's Financesp. 1
The First Great Test: Financial Sabotage and the War of 1812p. 28
The Fiery Trial: A Tax to Save the Unionp. 56
Capitalizing Patriotism: Progressive Finance During World War Ip. 94
A Righteous Might: Shared Sacrifice During World War IIp. 134
"A Prolonged and Complex Struggle": The Threat of American Bankruptcy in the Cold Warp. 173
"Hard and Inescapable Facts": The Great Society Versus the Vietnam Warp. 207
Bankrupting Communism: The Reagan Rearmament and Deficit Financep. 227
New Enemies: Asymmetrical Threats and the Long War on Terrorismp. 251
Conclusion: The Price of a Long Warp. 280
Notesp. 300
Selected Bibliographyp. 328
Acknowledgmentsp. 331
Indexp. 332
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780805087239
ISBN-10: 0805087230
Audience: General
Format: Paperback
Language: English
Number Of Pages: 344
Published: 8th January 2008
Country of Publication: US
Dimensions (cm): 22.61 x 14.99  x 2.29
Weight (kg): 0.5
Edition Number: 1

Earn 66 Qantas Points
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