Forget the Debt-Ceiling Crises, the U.S. is Already a Serial Defaulter

Understanding the past highlights the importance of trust in the dollar

Stephen Foerster
7 min readMay 16, 2023

--

Picture of dollar bills
Photo by Alexander Grey on Unsplash

For decades I’ve been telling thousands of business school students that U.S. Treasury bills and notes are risk-free. Well, that’s arguably not quite true. For example, in 1979, Mrs. Claire Barton, a small investor from Enrico…

--

--

Stephen Foerster

I’m a Finance prof, CFA, and author of In Pursuit of the Perfect Portfolio (with Andrew Lo). I write stories about investing. (I don’t give financial advice.)