The original warbonds were, of course, introduced during World War II, when the nation was mobilized for total war.
Warbonds made sense in this context: they were a substitute for consumer spending, releasing resources for a war effort that absorbed almost 40 percent of G.D.P. Our current situation could hardly be more different.
So people who buy warbonds will be doing no more for their country than people who choose postage stamps with a patriotic theme.
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