Gene Autry, an all-American actor, cowboy, and singer, helped sell Series E bonds by singing, “Any bonds today? All you give will be spent to live in the Yankee way. Scrape up the most you can, here comes the freedom man, asking you to buy a share of freedom today.” War bonds helped bring


the American “share of free- dom” to Pointe du Hoc, Iwo Jima, Berlin, and Tokyo. The post-war econom-


rials and equipment, requir- ing use of American-born workers and legal immi- grants exclusively, guaran- teeing equal opportunity for all, and so on. Recipient entities must not forget that this is a finan- cial investment, not a give- away. Borrowers will pay a coupon linked to a suitable index, plus a premium. These bonds may also


carry a conversion provision, thereby giving investors a stake in the upside. Borrow- ers must have transparency in how they operate, includ- ing how they use the money. In the case of limited availability of funds, a fair disbursement protocol can be created for competing projects.


Administering the entire


effort will be a small body that acts as a pass-through. Unlike mortgage behemoths like Freddie Mac or Fannie Mae, this entity will nei- ther package nor sell these loans. They can charge a small fee to cover their costs but will be required to pass on any excess as a payout to investors. During World War II,


ic boom ensured that the debt-to-GDP ratio halved in 10 years, and the bal- ance sheet of the Federal Reserve as a proportion of the U.S. GDP went down by 75% in four decades. War bonds not only


helped establish America as the leader of the free world, but they were also a good economic program any way we look at it. That parallel is expected


to hold for “Make America Make Again” bonds. Properly designed and executed, these bonds will bring the gospel of Ameri- can manufacturing might to distant shores while making all corners of this great land of ours partici- pate in a miracle. A new gilded age for Amer-


ica must have its foundation on the shop floor. Series X bonds will get all of America to participate in its creation in a win-win fashion.


Partha Chakraborty, Ph.D., CFA, is an economist, a statistician, and a financial analyst by training. Currently, he is an entrepreneur in water technologies, blockchain, and wealth management


in the U.S. and India. Chakraborty lives in Southern California.


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