Whether he realizes it or not, President Biden is lying to the American people. The US has defaulted on its debt more than once in the past and it is in the process of defaulting on the debt right now. This default isn't like the one that occurred in 1971 when Nixon ripped the world off the gold standard when countries started redeeming dollars for gold en masse when it became clear the US government had issued more dollars than the gold they had in reserves should have allowed. Yes, the US will likely not be defaulting on their debts outright in 2023. However, as we discussed last week, the US has decided to follow the path to default taken by countries like Venezuela, Argentina and Zimbabwe; debasement.