government bond

Local government bonds are distributed through investment bankers who buy them and reoffer them to the public at higher prices and correspondingly lower yields. Sometimes the terms of the offer are negotiated. In the United States, however, a more prevalent means of selling state and local…

…money is raised by selling government bonds, are of two types: those financed by the public from its savings and those financed by bankers and others from credit created by expansion of the monetary supply. The first type of loan is generally anti-inflationary in its effects because it eliminates excess…

Holders of government bonds were also permitted to sell them, passing the right to the guaranteed income to the buyer. Again, the system was so successful that it was soon copied by other governments, not all of them as scrupulous in their repayments as they promised. War…