Tag Archives: FDR

When The U.S. Government Defaulted

One of the most pervasive myths about the United States is that the federal government has never defaulted on its debts. There’s just one problem: it’s not true, and while few people remember the “gold clause cases” of the 1930s, … Continue reading

Posted in Bonds, Budget Deficit, Sovereign Debt, Sovereign Risk, Uncategorized | Tagged , , , , , , | 43 Comments

Happy Franksgiving!

We always thought Thanksgiving was celebrated on the last Thursday in November.  Didn’t President Lincoln proclaim it? By the President of the United States of America. A Proclamation. The year that is drawing towards its close, has been filled with … Continue reading

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Quote of the Day: Campaign Promises

We love this story. In the closing days of the 1932 campaign, Franklin Roosevelt promised a crowd in Pittsburgh that he’d balance the federal budget while cutting “government operations” by 25 percent. Wisely, he attempted neither, but four years later … Continue reading

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History Shows Why Prognosticators Should Be Discounted

(click here if chart is not observable) 1927-1933 Chart of Pompous Prognosticators 1.  “We will not have any more crashes in our time.” – John Maynard Keynes in 1927 2.  “I cannot help but raise a dissenting voice to statements … Continue reading

Posted in Charts, Economics, General Interest, Policy, Politics | Tagged , , | 2 Comments