Post #695 by mungofitch on the Macroeconomic Trends and Risks board

Personal Finance Topics / Macroeconomic Trends and Risks ❤

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From the text you quoted---
The U.S. government has never defaulted on its debts since the Revolutionary War...

Gosh I wish people would stop saying this.
There have been several defaults. Most of them admittedly small and/or short lived, but the 1934 gold bond default was a whopper. The Fourth Gold Bond issue defaulted with a loss of about 43% to the (mostly non-US) holders, and that issue alone was over 12% of US GDP at the time of the default.

Jim

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