We're reminded of something by ZeroHedge:
One argument that supports optimism concerning our budget deficits has to do with the historical fact that the U.S. has never defaulted. The problem here is that default as it's traditionally understood is too narrowly defined. If calculated on a currency-value adjusted basis, Washington has short-changed its creditors before and it continues to do so.
That from a review of a book by economists Rogoff and Reinhart.
Gold standard abjuration? Inflation?