Has the U.S. Ever Defaulted on its Debt?
The quick answer is YES. In 1933, President Franklin Roosevelt devalued the dollar from $20.68 per ounce of gold to $35.00 per ounce and also welshed on the repayment of WWI bonds issued by Woodrow Wilson (that explicitly required repayment in gold,null,null,null), this report via RGE monitor (free registration required)…
Well, yes: The United States quite clearly and overtly defaulted on its debt as an expediency in 1933, the first year of Franklin Roosevelt’s presidency. This was an intentional repudiation of its obligations, supported by a resolution of Congress and later upheld by the Supreme Court. Granted, the circumstances were somewhat different in those days, since government finance still had a real tie to gold. In particular, U.S. bonds, including those issued to finance the American participation in the First World War, provided the holders of the bonds with an unambiguous promise that the U.S. government would give them the option to be repaid in gold coin. Nobody doubted the clarity of this “gold clause” provision or the intent of both the debtor, the U.S. Treasury, and the creditors, the bond buyers, that the bondholders be protected against the depreciation of paper currency by the government. Unfortunately for the bondholders, when President Roosevelt and the Congress decided that it was a good idea to depreciate the currency in the economic crisis of the time, they also decided not to honor their unambiguous obligation to pay in gold.
…could this happen again? The banks will have to print enough money to lessen the crushing burden of debt and this will involve ginormous amounts of currency. A serious devaluation will need to happen, but if this is coordinated with all the other major currencies in the world, everything will devalue relative to — GOLD.
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