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1979: The Last Time We Defaulted
In the spring of 1979, America was in the throes of a permanent decline, highlighted by an unthinkable debt default that panicked global financial markets. Sort of. Oh, 1979 was so horrible. The Dukes of Hazzard appeared on television for the first time. Disco had a stranglehold on the pop charts. And the US government was so dysfunctional that it allowed itself to default on its short-term debts for a little while between April and May, note BTIG Research analysts. As a result, t-bill rates jumped 60 basis points, an increase that didn’t go away once the government came to its senses and cured the default, wrote ... (full story)
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