Eps 0337 - Biden Lied When He said "The US Has Never Defaulted on its Debt"

On May 2, 2023 Joe Biden lied about the history of the US defaulting on its Debt. The US Government has had at least three debt defaults by other means. The first was in the wake of the Civil War when the US Government promised to pay its war debt in gold. The government defaulted on this promise and paid in notes. A very significant default happened under the Roosevelt administration in 1934 during the aftermath of the onslaught of New Deal programs. The President declared a bank holiday and then moved the peg to gold overnight from $20 per ounce to $35 per ounce. Also, citizens were forced to surrender gold in safety deposit boxes for fiat currency. The most recent default took place during the Nixon administration in August 1971. President Nixon temporarily closed the gold exchange window defaulting on foreign holders of U.S. debt. This gold exchange window never re-opened.

REFERENCES

sfexaminer.com/news/a-short-h...

mises.org/library/short-...

thehill.com/opinion/financ...

theglobalist.com/a-brief-histor...