I have been blogging the last two days in a serial fashion about the curious episode of the "Japanese bearer bonds" that were seized by the Italian financial police, the Guardia di Finanza, at the northern Italian town of Chiasso in June 2009. Thus far, I have been examining the scenario from the perspective of the bonds having been counterfeit or a mixture of counterfeit and genuine bonds. Now we must examine the possibility that they were all legitimate.

There is an article on the internet posted by Karl Denninger on June 13, 2009, titled "The Saga of the Bearer Bonds" that raises further anomalies and questions about the whole story. According to Denninger, the German media has  maintained that the bonds were legitimate, a fact that in itself raises significant questions, since Germany is not a major holder of US federal debt securities, but it is a major holder of US private assets.

Denninger - and others - have raised serious questions about the whole counterfeiting scenario, the major difficulty of which is that one simply cannot imagine any logical scenario in which someone is going to attempt to sell a counterfeit bond of $500,000,000 to any potential purchaser, without that potential purchaser verifying its authenticity. Thus, if the bearer bonds were indeed "fakes," then why bother to hide them to begin with? According to Denninger - who does not cite a source here - there were also authenticating bank documents seized, along with the bonds. This rings true to me, since the Guardia di Finanza did request the U.S. government to authenticate the securities, which, of course, it eventually did not, though it took some two weeks before a determination was made, and about the same amount of time for the Obama (mis)administration to comment publicly about the episode. Why the delay, unless the "fakes" were so good that they raised serious questions? Or unless they were genuine and a cover story had to be worked out, and a course of action be agreed upon as to what to do with the securities?

But there are more problems. As noted previously, the "Japanese" men decided to travel to Switzerland in a manner that was bound to attract attention. But Denninger notes that, even so, the fact that the men were stopped and subjected to the search that eventually uncovered the securities raises the possibility that the stop was not random, and that the Italian authorities were somehow tipped off.

This raises the most serious issue to the "counterfeit" scenario, for if in fact the bearer bonds were counterfeit, and being delivered to some presumed purchaser in Switzerland, why would the authorities not allow the operation to proceed, and apprehend not only the counterfeiters, but the purchasers? Indeed, why would anyone counterfeit securities in such large and potentially irredeemable amounts as a half a billion dollars, much less in billion dollar denominations of a "Kennedy" issue that allegedly never even existed to begin with? It makes much more sense to counterfeit lesser denominations, for they would be much easier to cash.

And that, in Denniger's mind, raises a frightening possibility. Since US Treasury bearer bonds became illegal in 1982, Denninger argues that over $130 billion in outstanding bearer bonds being held by anyone was unlikely, unless the US Treasury and Federal Reserve were doing so surreptitiously and in contravention of law.

Which brings us to the financial bailout earlier, in 2008, when the Bush (mis)administration was pushing for a bailout of the Federal Reserve, and when the hands of banksters were greedily extended to the US Congress, and demanding no oversight of how the bailout money would be used nor where it would go. At the time I observed - and have repeated the observation - that this behavior smacked of people with a gun to their heads being held by some hidden blackmailer, whom they did not want anyone to know they were beholden to.  Enter the bearer bonds episode less than half a year later, and the possibility that the bonds were, indeed, legitimate, but covertly and surreptitiously issued, and factor in here the fact that the German media seems curiously insistent that the bonds were legitimate, over the pronouncements of the US government that they were not. Add to this fact that some of these bonds were dated 1934, and...well, you get the picture, for that would mean that someone was holding securities for a long time, and it raises the specter that double issues of securities was being done on a massive scale and perhaps covertly by the parapolitical structure of the USA, and that someone else knew it was being done.

That raises the bar considerably, for it means that Japan at least, and China and Germany very probably, knew about the scam, if indeed, that is what it was.

In either case, whether these "securities" were legitimate but covertly issued bonds, or whether they were outright  counterfeits, my intuition is that this episode was the tip of a much larger plot, one with deep connections to the parapolitical power structure in this country, one with deep connections to the financial bailout episode, and one with deep connections to the recent events in Japan.

Die ist eine interessante Lage, nicht war? (To be continued)

Posted in

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".


  1. ken on April 28, 2011 at 7:07 am

    …rich thread with intriguing associations present and past… on reading part 1 on MON, my memories flashed back to my 20 years living in Japan, friends and associates, Jesuits, geo-politics, etc…. began composing reply… now fresh interchange today in Part III…

    tried to dredge Google to find documentation on this pre-Internet story from the late ’70~80’s (no luck so far):

    i was teaching meditation and yoga seminars in Tokyo back then and had wide contacts in business, diplomatic and academic community. one of my students was a former Jesuit priest, born in Spain, Basque actually, who lived and taught in Japan for decades.

    getting to know him better, i came to find out that he was part of a major money scandal involving an alleged slush fund of the then (long) ruling conservative LDP (Liberal Democratic Party). it seems that, perhaps as a favor or for practical need of funds, this man served as carrier (mule, essentially) of large amount of undeclared funds (cash and/or bearer bonds, not clear now on details) on behalf of LDP party brokers — he was caught trying to smuggle this money into Hong Kong.

    in response to Antoine: Japan is certainly a land of paradoxes, especially for linear-thinking Westerners, LOL, which is why i loved the place in a zen-like way. both astute and gullible, they did and did not keep the Jesuits at bay — yes, during Tokugawa period, they quarantined most of them (and other foreigners) to an island in Nagasaki. later, in post-Meiji restoration period, the Jesuits established their beach-head in Tokyo in 1913, down the road from Imperial Palace at Sophia University, know as “Jochi” (higher wisdom) Daigaku (university) in Japanese…

  2. MattB on April 28, 2011 at 3:11 am


    Next question will be: How do the Chinese play the American debt card?

    • Jay on April 28, 2011 at 6:56 am

      The US Federal Resever owns more US Government debt than the Chinese, this has been true for the last year.

  3. Kathie on April 27, 2011 at 11:59 am

    Do the Kennedy so called bonds have a picture on the reverse side? It could have very deep origins in the gold “warriors” at the end of WWII. How would one keep, liquidate, spend or store it. Finally I believe there is much to know about treasury issues starting around the time Reagan was President

  4. Antoine on April 27, 2011 at 11:02 am

    Just a quick note: The Japanese are one of the rare countries that consistently kept the Jesuits at bay, amongst others. They are not gullible people as a general statistic.

  5. Father Krespi on April 27, 2011 at 9:03 am

    They idea that the bonds are counterfeit is absurd. You mean to tell me there are Filipino or North Koreans trying to kite one billion dollar bonds? Ridiculous! No to mention if they were North Korean posing as Japanese, this would have been uncovered immediately and reported in the press. Japan is impenetrable, even by their Korean look-a-likes.

    the one scenario I can imagine is that the Japanese, seeing the writing on the wall, realize these bonds are worthless because they can’t be redeemed on threat of covert war by the Babylon Banksters and if the Japs wait until the bonds mature its a no brainer that the US economy will be in the toilet, the dollar deceased, the US government bankrupt and no chance in hell of redeeming the bonds. They’d be worthless.

    I suspect the Japanese were trying to sell them, probably for pennies on the dollar, so they could recoup some money . They probably mistakenly thought (and I’ve always had a hunch that he Japanese are very naive) that they could find a buyer in Italy where the bankers are Catholic and seemingly one of the age old competitors of the Babylon banksters. They probably got sucked in by a crypto-Babylon Bankster who told them they could be sold surreptitiously to a willing buyer in Switzerland or maybe the bonds were to be delivered to Switzerland for final sale. Either way, it seems pretty clear they were set up. They were probably told what train to take and where they were supposed to secretly rendezvous only to be led right into a trap. I would even bet the arrested Japs were not even intelligence agents but probably just bankers performing a clandestine act for the first time.

    Poor Japanese are really in a pickle. Forced to keep buying this worthless debt and live under Babylon bankster military occupation. They try to get out from under this rock and they get a scalar earthquake and a dirty bomb to boot. We are all like the Japanese. Fortunately America is spared so long as we supply the occupying army…

    • Patrick on April 27, 2011 at 11:35 am

      I havent read the Babylon banksters yet but I’ll reach and say its the Jesuits through the catholics in control but the protestants that struck away from the church split the masses into another camp making it much harder to control.


      its the theme that rings true, many details are off in the very very long article…

  6. Jericho Solberg on April 27, 2011 at 8:46 am

    Benjamin Fulford is probably right if truth is indeed stranger than fiction:


    Watch the first minute or so of the video.

  7. Nancy on April 27, 2011 at 8:41 am

    Dr. Farrell: I have a question. Over ten years ago some elderly friends told me a story about a friend of theirs who we will call “grandma” had lost her husband. She had questions about him being in the CIA at some time, but didn’t know. What she found was a bunch of bearer bonds which she tried to cash to keep the house, etc. What she found was that these bonds couldn’t be cashed as they were too large and would take everything in the US Treasury- so she was told. She was befriended by a couple who offered to go somewhere to get them cashed. What happened was that ‘they’ stole’ them and supposedly sold them to China or something like that — the story is fuzzy as I am trying to remember it without notes. I listened at that point, but didn’t pay much heed because there were things that didn’t make sense. I remembered it a few years ago when a couple of China issues came up and these friends said they were “grandma” related. My thoughts were “ya whatever’. Now… did you hear the story and could if be related to this????

    • Joseph P. Farrell on April 27, 2011 at 11:24 am

      No I’ve not heard the story, though it might be related somehow.

      • Nancy on April 27, 2011 at 4:11 pm

        I will talk to the elderly friends and use e-mail to let you know.

  8. Dave Walton on April 27, 2011 at 7:49 am

    This is getting rather intriguing. The motive factor is growing in strength under this speculation. I was wondering about the connection to the bailout, and to the possible orchestrated downturn of the global economy. I’m also wondering if the Gulf of Mexico oil “spill” had a part to play? Wasn’t there something about significant submarine activity in the Gulf? Are we seeing tit-for-tat? And what about hurricane katrina and 9/11? Are all these the results of high tech covert wars between elites? Or are they the result of high tech manipulation from one main parapolitical occult and ancient power playing elites of against elites? Whatever the case may be…SOMEONE wants Earth and the control of man!

  9. Antoine on April 27, 2011 at 7:30 am

    Wild idea with no substance whatsoever: What if the Japanese were under earthquake blackmail to pay up or be stirred and they used these as payment and themselves alerted the authorities so that payment would not be done, this presuming the paper is real?

Help the Community Grow

Please understand a donation is a gift and does not confer membership or license to audiobooks. To become a paid member, visit member registration.

Upcoming Events