Every time the US government has faced an existential financial crisis in its history, it has chosen to change the rules rather than honor its promises in full—usually by replacing gold or silver with paper.
From the War of 1812 when interest payments were missed, to the Lincoln’s Greenbacks, to Roosevelt voiding gold clauses in 1933, the end of silver redemption in 1968, and Nixon closing the gold window in 1971, Washington has defaulted five times before—often by shifting the terms of payment rather than admitting outright failure.
There’s no doubt these episodes were defaults. To claim otherwise would be like trying to unilaterally change…
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