How the US financed World War I using Charlie Chaplin and Girl Scouts
The first world war was one of the deadliest conflicts the world has ever seen. And when the US entered the war in 1917, it faced a massive financial challenge: how to pay for its contribution? Enter Treasury Secretary William McAdoo who launches the groundbreaking Liberty Loan Programme and - alongside an unprecedented national propaganda campaign featuring silent film stars like Charlie Chaplin, Girl Scouts, even a captured German submarine in Central Park - encourages thousands of Americans to ‘buy a bond’ as part of their patriotic duty.
But did it work? And what was the longtime impact? Hosts Gillian Tett and Robin Wigglesworth discuss how this campaign raised over $21 billion - the equivalent of around $9 trillion today - and in doing so, birthed the modern US Treasury market and transformed America into a nation of investors.
Further reading: A Fabulous Debt: How Bonds Made the Modern World by Robin Wigglesworth
To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney
Hosts: Gillian Tett and Robin Wigglesworth
Senior Producer: Michela Tindera
Executive producer: Kate Ford
Original music and sound design: Breen Turner
Broadcast engineer: Gregory Bobillot
Video editor: Michael Saliba
Podcast development: Laura Clarke
FT global head of audio: Flo Phillips
Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com.
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