The United States government has effectively defaulted on its obligations four times in history.

WTF???
It happened to the Continental Dollar in 1779, the Greenback during the Civil War, the 1934 Liberty Bonds, and Nixon breaking away from the gold standard in 1971. If you count the Greyback, the currency of the Confederacy, that’s five effective defaults… and this starts to look less like an outlier and more like a pattern, complete with economic chaos and civil strife each time. Continue reading