History Of US Currency Defaults

Horror!  Tremble in fear for the possibility of (another) currency default.

We never learn, do we?

Cower in terror at the thought of Moody’s downgrading US currency.

What we really ought to do is reflect on past defaults and try to imagine the really horrible consequence of failing to stop this counterfeiting FED enterprise in it’s tracks right now before it’s too late to prevent our winding up like the Weimar Republic.

In it’s customary fashion, Mises.Org describes US currency default history.

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2 thoughts on “History Of US Currency Defaults

  1. The Mises report makes sense of course, but I’m a bit concerned about the “and then move on to mandatory expenditures and entitlements as a last resort” part. As someone who has been declared, by the government, to be “unemployable” because of my disability, I’m a little concerned that that same government might decide that their Social Security contract with me, to which I made the payments I was required to make for many, many years, can just be tossed aside whenever they decide it’s no longer affordable.

    The conservatives are very quick to point out how “wrong” all those people are who’re defaulting on their mortgages and other obligations, but when it come to the contracts the government itself has obligated itself to it’s all “No fair, we should get a do over!”

  2. Of the two of us, I may be in the most unfortunate position. I retired with a state government employees pension that I paid into for 34 years and at the same time was coerced into paying into Social Security for even longer. And… at nearly 72 years of age no one has declared me to be unemployable. They’re all going to expect me to go back to work. If either the state or the federal guys declare bankruptcy, I’m in trouble.

    Once again we’re faced with the fallout from irresponsible politicians who didn’t honor their oaths to obey the constitutions limits. First when they concocted the SS ponzi scheme and second when they stole it’s bank account so they could continue to spend beyond their legitimate means.

    Depending on the government only works for big banks and big companies. If everybody defaulted on their mortgage… as far as I’m concerned that would be a bailout and a change I could believe in.

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