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I see.
It hasnt happen in my lifetime, yet.
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No, you don’t see.
It is happening before your very eyes, right now!!
You have to wake up to the fact that FRN fiat is going to zero.
That is a default.
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What happened to the debt after the default?
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The debt goes to zero and the collateral gets scooped up by the creditors.
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Thanks for the education
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You’re welcome.
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Yes, indeed it can. It has defaulted at least thrice before, 1871, 1933 and 1972 or 3 by Nixon. The state may have defaulted around 1812, which may have been a major cause of that invasion. Thanks to the Russians, we were able to do something about the British, then.