Today I am continuing my little miniseries on the Filipino Bearer Bond Scandal, one that went virtually unnoticed in the American media. Note what we have to date:
1) The Japanese Bearer Bond Scandal of June 2009, which did receive major media attention in the USA;
2) The Spanish Bearer Bond Scandal, which did not receive major USA media attention;
3) The Italian Bearer Bond Scandal earlier this year (2012) which also did not receive major USA media attention;
4) Now the Filipino Bearer Bond story, which in fact began in 2000, but which did not receive any major USA media attention either, and was only reported on Jan 18, 2012, this year.
We must now take a closer look at the Filipino version of this story. Consider first the following pictures of the Filipino version of this story:
We note first the similarity of these chests to those encountered in the Spanish Bearer Bond Scandal, which were stamped with the Federal Reserve Bank of Dallas, and the Italian Bearer Bond Scandal of earlier this year (2012), which were stamped Federal Reserve Bank of Chicago.
The chests were allegedly full of (1) bullion-backed bearer-bonds denominated in $100,000,000 denominations and (2) accompanied by five allegedly fake "cheap metal" coins supposedly made to look like gold coins:
Finally, these bonds were similar to the Japanese, Spanish, and Italian versions in the following way:
Note the following similarities to the Japanese, Spanish and Italian versions of the "meme:"
1) In each of the four instances, the bonds were based on circulating US paper currency designs, in the case of the Spanish and Italian versions, on the design of the US $100,000 bill, in the case of the Japanese version, a fictitious "Kennedy" $1,000,000,000 currency-looking bill, which was self-evidently faked by the "Money World" company, and also in the case of the Japanese version, $500,000,000 bonds based on actual US securities.
2) In this specific case, the Filipino bond is based on the design of the US $1 silver certificate, as shown above, but bearing not the blue US Treasury seal found on such dollar bills, but on a green Federal Reserve Note US Treasury seal.
3) In the Filipino, Spanish, and Italian versions, the bonds were accompanied by branch bank strongboxes (Atlanta for the Filipino version, Chicago for the Italian version, and Dallas for the Spanish version);
4) In the case of the Filipino, Spanish, and Italian versions, the bonds were all dated 1934 and signed by then US Secretary of the Treasury Henry Morgenthau;
5) The bonds were all bullion-backed.
Now it's on to analysis of what all this might mean...but that will have to wait part three tomorrow...
...See you on the flip side...