Peter Schiff: The claim that the U.S. has never defaulted on its debt is false

The claim that the U.S. has never defaulted on its #debt is false. Prior to 1971 U.S. Federal Reserve Notes were obligations of the Federal Reserve to pay a fixed weight in #gold. The U.S. defaulted on that obligation and creditors didn't receive any of the gold they were owed.

— Peter Schiff (@PeterSchiff) January 20, 2023