Gary Richardson

Gary Richardson, an economist and historian of the Federal Reserve system at the University of California, Irvine, said that by the same logic, one could argue that any time the Federal Reserve expands the money supply — as it has done repeatedly over the years — it reduces the value of existing money and thus shrinks the real value of payments promised to debt holders. "Inflation occurs almost every day," he said. "Why isn't this also labeled a default?"

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