1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21046Updated January 8, 2002War Bonds in the Second World War: A Model for a New War Bond?James M. BickleySpecialist in Public FinanceGovernment and Finance DivisionSummaryDuring the
2、 Second World War, war bonds were sold to help finance the cost ofnational defense. War bonds were simply a new name for already existing U.S. savingsbonds. War bonds were aggressively marketed through well organized campaigns, whichappealed to citizens sense of patriotism. The primary purpose of th
3、eir issuance was toreduce consumer spending in order to lessen inflationary pressures and black marketactivity. Also, campaigns to sell war bonds were intended to raise morale by creatinga sense of participation in the war effort. The sale of war bonds did reduce consumerspending. Current economic a
4、nd financial conditions differ from those of the early 1940s.During the Second World War, high inflation and over employment prevailed. Thefederal government imposed price and wage controls, production controls, rationing,controls on the level of interest rates on Treasury securities, and regulation
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