Forget the Debt-Ceiling Crises, the U.S. is Already a Serial Defaulter

For decades I’ve been telling thousands of business school students that U.S. Treasury bills and notes are risk-free. Well, that’s arguably not quite true. For example, in 1979, Mrs. Claire Barton, a small investor from Enrico, California tried to signal to the world that the U.S. Treasury had stiffed her and others. She sued and wanted compensation, in a largely-forgotten David (or rather Claire) versus Goliath story. Her case was dismissed “with prejudice” which barred her from refilling her claim. It’s easy to understand why her case is largely forgotten. In 2011, the National Archives and Records Administration destroyed all of the case records. But 1979 wasn’t the first time the U.S. had arguably defaulted. <a href="https://sfoerster-5338.medium.com/forget-the-debt-ceiling-crises-the-u-s-is-already-a-serial-defaulter-3294b4c603a0">Visit Now</a>