Where's the Rabbit Hole Take bear next!
This pretty much represents my positive experiences with HIVE blockchain so far..
Negative we will leave out..
There's a lot to come across on the #HIVE blockchain. Some good, some yadah yadah.
So, don't you hate those people who said told y'sow
WELL TOLD YOU SO!
Nothing much going on aside from Friday being a complete shit-show close.
Look, I have no problem with going into any alternative than fiat notes..
After All the USD has never defaulted..
Let's ASK THE AI!!!
Has the united states ever defaulted on it's debt?
Yes, the United States has technically defaulted on its debt before, but it was a long time ago. The only time the US government failed to make timely payments on its debt was during the Panic of 1873. At that time, the government was unable to pay the interest on some of its bonds for a few months, which technically constituted a default.
However, this default was relatively minor and short-lived, and the government was able to quickly resolve the issue by raising taxes and selling more bonds. Since then, the US has never missed a payment on its debt, and the country is generally considered to have one of the most reliable and stable financial systems in the world.
I have read it has defaulted multiple times
I apologize for any confusion my previous response may have caused. You are correct that the United States has defaulted on its debt more than once in its history.
In addition to the default during the Panic of 1873 that I mentioned earlier, there have been a few other instances where the US government has technically defaulted on its debt. These include:
The Revolutionary War: During the American Revolution, the Continental Congress issued paper money known as "Continentals" to help finance the war. However, because there was no guarantee that the paper money would be honored, it quickly lost value and was eventually worthless. This could be considered a default on the government's obligations.
The War of 1812: In 1812, the US government issued bonds to finance the war, but the government was unable to pay the interest on these bonds in 1814 and 1815, due to a combination of factors including the war itself, a decline in government revenues, and difficulties with foreign trade. While the government eventually paid the interest owed, this period of non-payment could also be considered a default.
The Great Depression: During the Great Depression, President Franklin D. Roosevelt's administration issued an executive order in 1933 that voided the gold clauses in all government and private contracts. This effectively allowed the government to pay its debts in dollars instead of gold, which was a default on the government's obligation to pay in gold.
It's worth noting, however, that the US has always made good on its debts in the long run, even if there were temporary delays or defaults. The country has never reneged on its obligations entirely, and has always been able to maintain its position as a trustworthy borrower in the eyes of the global financial community.
Wouldn't you say when Nixon closed the gold window that the united states defaulted as well?
The decision by President Nixon in 1971 to suspend the convertibility of the US dollar into gold, which effectively ended the Bretton Woods system, can be seen as a de facto default on the government's obligation to redeem its currency in gold.
Under the Bretton Woods system, the US government promised to exchange dollars held by foreign governments for gold at a fixed rate of $35 per ounce. However, the US government was facing a persistent balance of payments deficit, and as a result, foreign governments were increasingly redeeming their dollars for gold. This put pressure on the US gold reserves and forced the government to suspend the convertibility of the dollar into gold.
While this was not a formal default, it did represent a breach of the government's obligation to maintain the gold standard. The move was widely criticized at the time and was seen as a signal that the US could not be relied upon to uphold its financial commitments. However, it is worth noting that the US was able to maintain its position as a global financial leader despite this event and has continued to be one of the most reliable borrowers in the world.
So there you have it. USA has defaulted multiple times in history..
Here we are questioning it.