Default by another name

Interesting bit of history in the WashPost as James Grant explains that "America's default on its debt is inevitable."  Why?  Because it's been done before in technical ways that devalue the dollar and leave creditors taking a haircut.  Excerpt: "In other words, the value of money has become an instrument of public policy, not an honest weight or measure. In such a setting, an old-time “default” is impossible. How can a creditor cry foul when the government to which he is lending has repeatedly said that the value of the money he lent will shrink?"