Forbes reports that since the day of Alexander Hamilton, the United States has never defaulted on the federal debt.That’s what we budget-watchers always say. It’s a great talking point. One that helps bolster the argument that default should not be an option in Washington’s ongoing debt limit slowdown.
There’s just one teensy problem: it isn’t true. As Jason Zweig of the Wall Street Journal recently noted, the United States defaulted on some Treasury bills in 1979. And it paid a steep price for stiffing bondholders….
Wait, wait...read the rest at:
http://blogs.forbes.com/beltway/2011/05/26/the-day-the-united-states-defaulted-on-treasury-bills/
No comments:
Post a Comment