Public Debt, Inequality, and Power

"These days, the topic of America's debt stirs heated political debate. But one of the most important facts in this discussion has hitherto been obscured: who actually owns that debt inside America? Hager has done some fascinating and path-breaking research to answer that question, and concluded that the ownership pattern is surprisingly concentrated—and unequal—and this may have implications for how the entire debt debate develops in the coming years. This is an illuminating work that deserves wide attention."—Gillian Tett, Financial Times

"The relationship between the ownership structure of government debt and economic inequality—between public finance and the class structure of modern capitalism—is one of several central concerns of political economy that have been almost completely neglected in recent decades. Sandy Brian Hager’s book returns to the subject with theoretical and empirical bravado."—Wolfgang Streeck, Director Emeritus, Max Planck Institute for the Study of Societies

"Money is power, and US Treasury debt is the world’s single largest financial instrument. Hager’s insightful book fills an enormous hole in our knowledge of who owns this debt and how the power flowing from that increasingly concentrated ownership affects US and global politics."—Herman M. Schwartz, author of Subprime Nation: American Power, Global Capital, and the Housing Bubble