And FDR defaulted

Sanders (D)(3): “Sanders goes full FDR in defense of democratic socialism” [Politico]. “In trying to tie his campaign to Roosevelt, Sanders was also making an implicit argument about his electability, a question mark that’s hovered over both his campaigns for president. ‘FDR and his progressive coalition created the New Deal, won four terms, and created an economy that worked for all and not just the few,’ he said.” • FDR has been persona non grata for the Democrat establishment since the Clintonites took over. So by all means let us have that discussion.

Like Nixon, FDR took advantage of the gold standard to execute a quick default by leaving convertability.  Let this be a lesson to gold bugs.

Sanders is an MMTer, he will do the defaults we need.  He will be completely confused about how it works, but I am counting on the big banks to inform the fellow.