To The Reader's Forum:
You would think a United States Senator would know a little about U.S. history. Case in point, the U.S. debt default. I am hearing, "This will be the first time in U.S. history this country has defaulted."
In 1779, the Continental currency defaulted. The U.S. defaulted again in 1790. In 1862 the nation experienced the Greenback Default. The Greenback was the currency of the time. In 1934 we had the Great Liberty Bond Default. On August 15, 1971, the U.S. severed the U.S. dollar's link to gold. No longer would we exchange gold for fiat (paper) currency. Europe was extremely angry at the U.S. for many months. Germany would not do business wiht the U.S. for six months. In each one of the above mentioned defaults there was economic pain. However, life went on.
The U.S. debt will be defaulted on one way or another, the trouble is they're almost certainly going to default on it through inflation, by destroying the currency, which is much worse than defaulting on it overtly.
Rex V. Willard