America is unjustly worried about "national debt " believing it can no longer do the many things that mark it as a great nation. Discussions of national undertakings &ndash including infrastructure repair jobs programs military modernization and disease prevention—have all been stifled through fear of insolvency. America has convinced itself that it can no longer afford as a nation to do many of the productive things that it has done so well over its history.
That's a great shame because America remains a nation of tremendous resources in every sense and the underlying assumptions about U.S. government financial instruments are not correct. America can never face the debt problems of nations like Greece thanks to its fundamentally different financial system.
This short book explains why such fears should not hold back America and why even the expression "national debt" is neither meaningful nor appropriate for the United States.
Frank Newman has spent 30 years in banking and as the number two official of the U.S. Treasury. He recently completed five years as Chairman and CEO of Shenzhen Development Bank China during that bank's successful turnaround. Previously he served as Chairman and CEO of Bankers Trust and as CFO of Bank of America and Wells Fargo.
In the 1990’s as Deputy Secretary of the U.S. Treasury he was awarded the Alexander Hamilton Award the Department's highest honor.
Author of: Six Myths That Hold Back America: And What America Can Learn from China