Actually the US defaulted twice in the past 100 years IMO: In 1933 they broke the gold standard and confiscated citizen's gold. After the gold was converted to

Actually the US defaulted twice in the past 100 years IMO: In 1933 they broke the gold standard and confiscated citizen's gold. After the gold was converted to paper money they took the official price from around $20 an ounce to $35 an ounce thereby reducing the purchasing power of the paper (you needed $35 to buy what once cost you $20 just a few months earlier). Since Treasury notes then were essentially gold certificates promising to pay the bearer in the dollar value of gold, the US defaulted because they wouldn't honor the conversion. US Citizens were not allowed to own gold outside of jewelry again until 1974. In 1971 Nixon closed the gold window for international holders of dollars. Foreign countries with dollars would no longer be allowed to convert their dollars for gold at the agreed to rate of $35 per ounce. So this too is a default as the terms of the agreement were not followed and we left foreign holders with dollars that were declining in value rapidly due to our inflation. I'm not expecting the US to default any time soon, but there are ways for it to happen that technically aren't a "default" but achieve the same outcome. High inflation is the most likely way they'd do this if it came down to it.