Some weeks ago I blogged about the notorious Japanese bearer-bond scandal: see
Now it seems that this isn't the only story of bearer bonds whose origin or even authencity is obscure, for there is now added to the mix a story about the discovery of Filipino bearer bonds:
Yes, you read that correctly, $300,000,000,000! The crux of the story appears to be encapsulated in the following paragraphs:
He runs his fingers over a $100 million bond. It is lithographed instead of engraved, as are real federal debt issues, Winslow says. Printed on faded sepia paper is the same portrait of George Washington that appears on a $1 bill. Thirty coupons are attached, each bearing the promise: “Will pay to bearer four thousand dollars in United States gold coin.”
“I’ve never seen forgeries like these,” says Winslow, who for 27 years has authenticated bonds for governments, companies, museums and private collectors.
He describes the box set of 250 Umayamnon bonds as a series of 10 historically inaccurate and haphazardly assembled $100 million “bundled instruments,” each packet designed to represent and lend support to an illusionary $25 billion “United States of America Federal Reserved Bond.”
The validation documents, all printed on paper in fonts Winslow says didn’t exist in 1934, include a Government Insurance Certificate, Treasury Certificate, Gold Bullion Certificate, General Bond Certificate and a Global Immunity Certificate that promises “the redeemer will be free from criminal offense and covered by complete immunity.”
And in case the bearer should misplace an item and need to authenticate ownership at the bank, the chest comes with a microfilmed “Federal Reserved Bond Inventory List.”
“For a collector, these counterfeit bonds are awesome because somebody spent a lot of time trying to justify their authenticity,” Winslow says. “It’s a marvelous deception.”
So there we have it: once again, a massive and elaborate hoax and forgery of US securities appears to be connected to Asia.
The question is why? Who is doing this? Who has the resources to do it, and why go to such lengths to attack US currency and debt securities? My suspicion - and it is only a suspicion - is rather different than most others out there, namely, that someone is sending messages to someone else, and that these messages are based on inside information that in fact, such bonds and securities have indeed been secretly minted and circulated. The key here, seems to me, the linkage of these securities to promises to pay in gold, and if you've been following all the stories out there on gold and the inability to account for all of it, or even where it all is, the linkage of these hoaxes to gold seems to be another part of the "message." This whole thing thus puts the recent bailouts and the demand for "no oversight" into a rather interesting context....
Why no oversight? Well, if one new of the existence of vast amounts of hoaxed bonds, or indeed, had been a party to there concoction, that would be one reason. But if one were paying off hidden secretly created legitimate securities, that would be another...
The plot just thickened, folks. See you on the flip side.