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Correction of the Historical Record

Here’s an e-mail that I just received from Bob Higgs; it’s in response to this earlier post (original emphasis):

The U. S. government most certainly HAS defaulted on its securities in the past: it did so massively in 1933 when it refused to pay bond holders in gold as promised explicitly on the face of the bonds — giving rise to one of the most duplicitous and idiotic Supreme Court rulings in history, and that’s saying a great deal.

I stand corrected.  The case to which Bob refers is, I believe, Perry v. United States.


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