The US govt doesn't even have to do that. they just need to run the printing presses. Their only obligation is to give US debt holders some green paper with pictures of past presidents on it.
The same party that would enforce any other payment. Both of us would need to deposit our money in advance in the bookmaker or similar.
ok, this is getting way off topic but if all the money disappeared from circulation via the gov't you and your collector are going to have a hard time finding me....let's get back on topic.
Why would all money in circulation disappear if the US government doesn't pay its debts? We could be betting in a different currency anyway, as I said. And to make the bets, we would need to deposit the money at the bookmaker before. Sorry for the heavy derailing, I should had simply started a thread about that Taleb interview. I still wonder which financial instrument could multiply your investment by 67000 or 750000 like Taleb says.
I see, Taleb precisely was talking about currencies. "But if you have a 24-sigma event on an option that’s 24 standard deviations out of the money, your payoff is 750,000 times your bet, which is what happened in eurodollars." Let's say you want to bet for example that the HKD will no longer be pegged to the USD (that it break the 7.75-7.85 limit their central bank has set), how could you structure that bet? Are there options for something like that?