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The truth is the US has defaulted on its debt at least 6 times. http://www.moneytalks.net/daily-updates/5588-qthe-simple-truth-of-the-ma...
I mean ,it's a weak argument Frank but essentially I'm saying the dollar that we are talking about ,the USD that is in jeopardy of defaulting is an entity in itself that has only really been in existence since 1971 when Nixon said it is no longer backed in any way by gold. The world excepted that and the rest is history. Do you think any country would except good faith as collateral today from anyone ?Of course not.The USD in 1970 was a totally different animal than what we have today.,so you can't really compare them. , a weak argument but ,all I got.
Hi southpen, What about the Liberty Bond default?
Might be splitting hairs Frank ,but the authors #6 is devaluation ,not default,not yet anyway. #1 through #4 deal with a dollar that was backed by gold,which might be under the same name but truly is a different currency entirely since it's collateral has changed. #5 deals with that change.The U.S. dollar USD on the USD index was born in 1971 .I have used this point many times.Nixon created the present day dollar which is a twin of it's1970 counterpart in looks only .The substance changed therefore by today's standard the USD has never defaulted.This is NOT an incorrect statement if accompanied by an explanation which Obama neglected to give .Guess he had a few more important items that were more relevant.
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