Wednesday, July 20, 2011

US Government Defaults: At Least Two of 'Em

Hayward reminds us of the facts, which are different from the spin. is completely wrong to say that the United States has never defaulted on its obligations. It did so in 1933 when it devalued the redemption value of gold and cancelled fixed price private contracts denominated in gold. A more recent default was the ending of redemption of silver certificates in the 1960s. The photo you see here is a silver certificate I have in my possession, which promises to pay me $1 in silver on demand. Except that the U.S. Treasury will not honor that promise today.

A fellow named Alex Pollock reminded Hayward of that.


J. Strupp said...

Who's saying that we didn't default in the 30's?

Dad29 said...

Obozo. 'The US has NEVER defaulted....'

Blahblahblah BS.

J. Strupp said...

Then he doesn't know what he's talking about.

Dad29 said...

No S*&^!

TerryN said...

Here's an old joke.

Q: What's the difference between a used car salesman and a computer systems salesman?

A: The used car salesman *knows* when he's lying.

I believe Obama is more like the used car salesman but he's also got a lot of computer systems salesman in him too.