We now speculate on the implications of all these stories. As noted in previous parts of this series, there are four bearer bond stories: (1) the Japanese Story from 2009, (2) the Spanish Story, (3) the Italian story, and (4) the Filipino story (from 2000 but first reported this year in the Bloomberg article cited in the previous parts of this series). Of all these only the Japanese version stands out as differing in three significant respects:

1) It received major US electronic media attention;

2) It did not exclusively involve bearer bonds from 1934, but also bonds dated much later, the so-called "Kennedy" bonds;

3) It did not involve US Federal Reserve Branch Bank strongboxes or chests, and the behavior of the Japanese men was such that it seemed that they wanted to be apprehended.

In the other cases, we have noted that

1) the bonds were all highly denominated US Federal Reserve Bullion-backed bearer bonds;

2) the sums involved were in the billions and trillions of dollars;

3) the bonds were in strongboxes of Federal Reserve Branch banks;

4) the bonds were all dated to the 1930s and signed by US Secretary of the Treasury Henry Morgenthau.

Additionally, the Philippines appear to have been the point of embarkation for the Japanese men in that scandal. And as the Bloomberg article implied, these bonds appear in each of the three other instances to have originated from some ring operating there.

For our purposes here, we shall assume that the official statements are true, and that the recovered securities are indeed counterfeit. If this be the case, then the question becomes one of why all the effort is being put into cons and scams that self-evidently have never successfully recovered any money from the counterfeiting effort, and why in the Spanish, Filipino, and Italian cases, the bonds all involve "Morgenthau" bonds from the 1930s and Federal Reserve Branch banks. The point here is that the basic modi operandi of the Spanish, Italian, and Filipino cases is the same, and that information about the 1930s and secret US financial structuring lies at the heart  of it.

This has, of course, called forth all sorts of speculations on the Internet from various quarters, with some linking the bullion-backed bonds to the Imperial Japanese plundering of Asia that began with the Japanese invasion of Manchuria, an operation known as Golden Lily. This line of speculation traces the bullion backing to anachronistic connections with General Tomiyuki Yamashita's role in securing this treasure at burial locations on the island of Luzon in the Philippine archipelago. Other speculations including my own have connected this story to Lord Blackheath and the anomalous amounts of gold involved in his Foundation X claims.

In my opinion, the partial key to speculative analysis here lies in two things: (1) the amount of effort placed into counterfeiting the bonds, gold coins, currency, and strongboxes evident in the Spanish, Italian, and Filipino cases, and (2) the information contained in each instance, namely, the involvement of Federal Reserve Branch Banks (Atlanta in the Filipino Case, Chicago in the Italian case, and Dallas in the Spanish case), and the timing of origin of the bonds. Such effort and information implies, in my opinion, that whoever is behind the counterfeiting efforts (remembering that we assume the official explanations to be true for the sake of argument and speculation) is well-financed, well-organized, and has access to hidden information that is being communicated from one party to another. This would seem to imply that some power or another is behind the effort, perhaps China, perhaps Japan, but in other words, someone with access to intelligence data not commonly known and involving the activities of the Federal Reserve System in the 1930s.

The fact that in the Japanese case one is dealing with the so-called "Kennedy bonds" of billion dollar denominations implies that whatever hidden financial structure as may have been put into effect during the Roosevelt Administration by the Federal Reserve System continued long after the 1930s, and the allusions to the Apollo space program on those "bonds" may indicate a technological purpose behind that structure. But what would that purpose be in the early 1930s, years before the discovery of nuclear fission by Otto Hahn and the beginnings of the race for the atomic bomb(an effort that consumed billions of dollars in the Manhattan Project)? Or was the purpose something else entirely?

I know of no technological project or purpose at this time in history - other than perhaps various Tesla technologies - that would have required such vast sums of money. Nor is there any evidence from this time period of a hidden project to develop such technologies, which leaves the possibility of another purpose. That purpose may indeed be looting and fraud on a massive scale, with the scam involving not counterfeiters in the Philippines, but the banksters themselves.

In either approach - that is, counterfeit bonds based on real intelligence of a secret tier of financing, or of genuine bonds whose authenticity is now denied - one may reasonably make a prediction that if either analysis is true, there will be yet another such scandal, and that may indeed be one where more information is communicated in the process, not only about that possible hidden financial structure, but also about who is really behind the effort to send messages to that structure, for someone indeed is waging a kind of economic warfare against the West in general and America in particular here, above and beyond simply trying to bilk people out of their money.

The fact remains that merely attempting to cash any bond in such fantastic denominated dollar amounts would call forth an effort to authenticate the bonds before a person could get one dime out of any bank or buyer, making the whole effort to counterfeit such bonds superfluous. We end where we began, with more questions than answers, but we do end with clear indications of an off-the-books financial structure.

Let's go back to one important point raised by the Bloomberg article cited previously in this series, namely, that the US Treasury issued bonds - rarely though it did so - in million, ten million, and even one hundred and five hundred million dollar denominations.  Well, it seems that either the media, or the US Government spokesmen, cannot get the details straight. Consider this New York Times article after the Japanese Bearer Bond Scandal broke, which claims that the US Treasury only issued such securities in maximum denominations of a mere $10,000:

Mystery of Fake U.S. Bonds Fuels Web Theories

Of course, the bearer bonds scandals we have been talking about have been bonds from the US Federal Reserve system, not the US treasury, a nitpicking point, but one perhaps indicative that the story - whether by the media or the government or both - is being deliberately obfuscated. And as the old adage has it, where there is smoke, there is fire....

...see you on the flip side...


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. SSNaga on April 17, 2012 at 3:56 am

    The Govenor CoLLects His Dues… While Gaia Sharpens your Dull Knife. The SWord In the Swine… #9… #9#… #9…

  2. marcos anthony toledo on April 16, 2012 at 4:36 pm

    One wonders who needs access to all that gold and for what purposes and ends answers anyone to this questions.

  3. Aarnout Molenaar on April 16, 2012 at 11:25 am


    Can i point you to the website of David Wilcock, and specifically to his extensive research and documentation on the Fed bonds?
    It seems that it is involving a massive gold scam, dating back to the 1930’s:

    the complete story starts here, it is a lot of reading, but is covers a lot from the basics to the history all related to the bond issue you were reporting..

    Section 1-6:
    Final sections:

    Maybe you are familiar with this site then i apologize, otherwise you will see that you a doing similar reseach.. 😉


    AMolenaar (NL)

    • Joseph P. Farrell on April 16, 2012 at 12:34 pm

      I have read it and as I have stated here, there are things he’s missing.

      • HAL838 on April 16, 2012 at 3:30 pm

        Alien salvation and the second coming are ALL
        a cop-out to keep humankind from taking responsibility
        for it’s own destructions and problems.

        They in turn, are the result of years, centuries, even millennia
        of brainwashing for lazy minds.

        All of these ‘researchers’ seem to have at least one
        valid point, and so they run with it,
        right into the nearest brick wall.

        • HAL838 on April 16, 2012 at 9:05 pm

          I still don’t see how this and alien salvation is connected
          in Wilcock’s mind as he is a big proponant of the latter
          and supposedly vigorously investigating [this] the former
          [financial conundrum].

          I seem to be running around in circles at this point,
          asking, “Where am I? Where are we?”

  4. Jay on April 16, 2012 at 6:46 am

    Re: US Treasury issued bonds versus Federal Reserve bonds:

    It’s not a all “nitpicking” if you can’t point to a case of any known legitimate Federal Reserve bonds, or any mechanism for issuing them, calling them, or paying for coupon redemption.

    Different subject, but a related point: There’s plenty of repeatable and legitimate science and documentation that Maxwell wrote his 20 or so equations far differently than text books say. Same goes for repeated experiments verifying the aether drift, the textbooks may say different but the many papers verify the aether. There’s no equivalent for these Fed bonds. Say a for example a hundred thousand US dollar Federal Reserve bond issued in 1940 and then legally redeemed in 1965.

    Same point can be made for evidence of very sophisticated civilizations predating official ancient earth history. It’s easy to point at say the Great Pyramid and say: “Try building that”, but one still can’t point to a legit Fed bond and say “Well, that was issued and the cashed in 25 years later”.

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