Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
Macro Musings with David Beckworth
Government Strategies for Managing Revenues and Expenditures
This chapter examines different strategies used by the federal government to address the mismatch between revenues and expenditures. It delves into the printing of money during the Civil War, the creation of the national banking system, the role of banks in supporting federal finance, the establishment of the Federal Reserve, war finance during World War I, the Treasury Federal Reserve Accord, and the use of repo contracts for market stabilization.
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