When the US entered World War I in 1917, it faced a critical funding challenge. Treasury Secretary William McAdoo launched the Liberty Loan Programme, using an unprecedented propaganda campaign featuring Charlie Chaplin, Girl Scouts, and even a captured German submarine in Central Park to encourage Americans to buy bonds. This patriotic effort raised over $21 billion—equivalent to around $9 trillion today.
The campaign not only funded the war but also birthed the modern US Treasury market and transformed America into a nation of investors. Hosts Gillian Tett and Robin Wigglesworth discuss the campaign’s success and lasting impact on the financial system.
Source: Financial Times Companies · Summarized by HeadlinesBriefing