Update: At 6 a.m. ET. Jan. 10, White House Announcement:
The White House has officially confirmed that President Obama will nominate his chief of staff, Jacob "Jack" Lew, to be the next Treasury secretary. According to a statement, the announcement is scheduled for 1:30 p.m. ET today (Thursday).
President Obama may be going into the next big budget fight without his long-time treasury secretary. Timothy Geithner had been planning to leave before the start of the president's second term, but that would mean he is departing with the debt ceiling still looming and the Treasury scrambling to keep up with the government's bills.
ROBERT SIEGEL, HOST:
NPR's Scott Horsley joins us now. And, Scott, Secretary Geithner has made no secret of his plans to leave the government, but it sounds like his departure could be complicated.
Credit Courtesy of the Museum of World War II, Boston. On display at the WWII & NYC exhibit, New-York Historical Society.
Wars are expensive, and governments have always borrowed money to fight them. But it wasn't until the 20th century — the age of advertising — that governments started using war as a marketing tool to encourage citizens to buy government bonds.
To raise money for World War I, the U.S. government issued "Liberty Bonds," and launched an ad campaign full of dramatic, frightening posters.
For World War II, the government ditched the "liberty" euphemism and got straight to the point. It issued "war bonds," which were accompanied by a massive promotional campaign.