Tuesday, June 16, 2009
The largest counterfeit ever?
Two Japanese men were caught smuggling $134.5 billion in U.S. bonds at the border of Italy. The bonds look very authentic and date back several decades. Authorities are still trying to figure out whether they are counterfeit or real bonds. Treasury officials still have no comment. If counterfeit, these smugglers had access to some amazing technology to create the bonds. If real, no individuals held $134.5 billion in bonds and only four countries have that many bonds so it is likely China or Japan that was trying to dump some of their bonds and sold them. Also, Italian smuggling laws make is so Italy gets to keep 40% of the cash if the bonds are real! Fake or real, this is an amazing event. Any ideas why you aren't reading about it in every newspaper? Check out these links for more info: Asia News on June 8th and Glenn Beck on June 15th.