World’s Strangest

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That Time in 1979 When the U.S. Government Defaulted

© Kristoffer Tripplaar/Pool/Corbis As the Congressional debate over the debt ceiling rages on this week, more analysts are raising the question of what would happen if the country defaults on U.S. Treasury bonds. For finance types, the notion of the U.S. government defaulting is nearly unthinkable; Treasury securities are considered to be effectively risk-free. Murmurs that [...]