The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged interest rates before the Fed-Treasury Accord of 1951....

Introduction to the doctrines of "interest and debt" in monotheist theology -- Máš, Tokos and Foedus: paving the way for the excess -- Usurious lending in Judaic scriptures: Nèšèk, Ribbit and Tarbît/Marbit -- The forbidden sins of early canonical laws: Usu-Aeris, Usura, and Interesse --...