Two Japanese smugglers were busted on the Italian-Swiss border with a suitcase whose false bottom was stuffed with $134.5 billion in US treasury bonds, including two one billion dollar Kennedy bonds (a denomination used for national currency reserves). Either these guys are the world's dumbest, most ambitious counterfeiters, or they're the biggest currency smugglers ever caught.
It gets better: Italian law says that the penalty for currency smuggling is 40% of the seized cash, and that 40% (US$28 billion) will take a huge bite out of Italy's public debt.
If the certificates were real, for Italy it would be like hitting the jackpot. The fine alone would amount to US$ 38 billion, five times the estimated cost of rebuilding quake-devastated Abruzzi region. It would help Italy's eliminate its public deficit.
If the certificates are fakes the two Japanese nationals could get a very lengthy jail sentence for fraud.
As soon as the seizure was made the US Embassy in Rome was informed. Italian and US secret services were called in to assist the Italian financial police.
Some important international financial newspapers had already reported on the existence of 'funny money' circulating on parallel, i.e. unofficial, financial markets.
US government securities seized from Japanese nationals, not clear whether real or fake
From 6PM-730PM this Thursday, May 23, I'm presenting at the Exposition Park Library (Dr. Mary McLeod Bethune Regional Library, 3900 S Western Ave, Los Angeles, CA 90062) on the problems of Big Tech and how the problems of monopolization (in tech and every other industry) is supercharged by the commercial surveillance industry -- and what […]
Bernie Sanders has released A Thurgood Marshall Plan for Public Education, a detailed and bold suite of public education reforms reminiscent of the kinds of policy planks being laid down regularly by rival candidate Elizabeth Warren (I'm a donor to both Sanders' and Warren's campaigns).
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Looking for a career in IT, gaming or software development? In the ever-changing world of the internet, versatility is your biggest asset. In other words, mastering Java might not cut it in an interview if you don’t know C#. However, there’s a bundle that covers the essentials in most any language. The Legendary Learn to […]
Getting a set of cookware that will outlast you is one of those signs you’ve truly grown up. It used to be easy to find durable materials that also cook well, but these days it can be hard to tell what’s quality and what brands are coasting by on a recognizable name. Well, there’s at […]