The Swedish National Debt Office (Swedish: Riksgäldskontoret or shortly Riksgälden) founded by the Riksdag of the Estates in 1789, is a Government agency in Sweden. The first task of the Debt office was to finance the War against Russia started by King Gustav III.
The method of raising funds was to issue promisory notes called Riksgälds denominated in Riksdaler which was the Swedish currency at the time. The reason why the funds couldn't be raised through the Riksbank was that its notes had to be backed by Silver (commodity money) to two thirds, while no such restrictions applied for the promissory notes (credit money) issued by the Debt office. This produced a heavy seigniorage induced inflation, where the exchange rate, for the promissory notes against Silver, was 1 to 4 in 1834.
In 1989, after two hundred years as one of the few agencies that reported directly to the Riksdag, the Debt office was reconstituted and is now reporting to the Ministry of Finance and the Cabinet. After 1989 it also assumed the role as the Government internal bank from the Riksbank.
Since January 1, 2008 the Debt office handles the Swedish deposit insurance, which 1996-2007 was handled by a separate governmental agency.
Since 2004, the Swedish National Debt Office is headed by Bo Lundgren.
Famous quotes containing the words national, debt and/or office:
““Five o’clock tea” is a phrase our “rude forefathers,” even of the last generation, would scarcely have understood, so completely is it a thing of to-day; and yet, so rapid is the March of the Mind, it has already risen into a national institution, and rivals, in its universal application to all ranks and ages, and as a specific for “all the ills that flesh is heir to,” the glorious Magna Charta.”
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“I have been told, that in some public discourses of mine my reverence for the intellect has made me unjustly cold to the personal relations. But now I almost shrink at the remembrance of such disparaging words. For persons are love’s world, and the coldest philosopher cannot recount the debt of the young soul wandering here in nature to the power of love, without being tempted to unsay, as treasonable to nature, aught derogatory to the social instincts.”
—Ralph Waldo Emerson (1803–1882)
“While the focus in the landscape of Old World cities was commonly government structures, churches, or the residences of rulers, the landscape and the skyline of American cities have boasted their hotels, department stores, office buildings, apartments, and skyscrapers. In this grandeur, Americans have expressed their Booster Pride, their hopes for visitors and new settlers, and customers, for thriving commerce and industry.”
—Daniel J. Boorstin (b. 1914)