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Updated: June 3, 2025
Most of the remaining debt more than 100 billion dollars is held by the commercial banks and the Federal Reserve banks. Heavy purchases by the banks were necessary to provide adequate funds to finance war expenditures. A considerable portion of these obligations are short-term in character and hence will require refinancing in the coming months and years.
It is merely a postponement of the day of judgment. This makeshift of refinancing is a device of speculative financiers. Their money is no good to them unless they can connect it up with a place where real work is being done, and that they cannot do unless, somehow, that place is poorly managed. Thus, the speculative financiers delude themselves that they are putting their money out to use.
Excess of At end of period Budget ex- penditures Public Cash bal- Fiscal Year over receipts debt ance 1945 53. 6 258. 7 24. 7 1946: July-Dec. 1945 18. 1 278. 1 26. 0 Jan.-June 1946 10. 5 275. 0 11. 9 Although the public debt is expected to decline, a substantial volume of refinancing will be required, because of the large volume of maturing obligations.
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