We come now to the difficult part of this financial odyssey, the analysis and speculation on what might be going one with all these allegedly fake bearer bond scandals, one only of which, the Japanese one of 2009, was adequately reported in the major electronic media in the USA. This fact of media reportage may be a significant clue, as we shall see, in what may be going on.

Careful readers of the Bloomberg article referenced in part one of this series (No One Knows Truth About $300 Billion Bonds From Alleged Crash) will have noted two odd details mentioned in that article, whose significance can hardly be gainsaid:

"The largest U.S. Treasury bond ever issued had a face value of $10 million, says Gombar’s partner, Special Agent Michael Giovanniello. Only about $105.4 million in outstanding bearer bonds have yet to be cashed in, he says."

And then there's this: according to Special Agent Michael Giovanniello, "Counterfeit financial instruments reflect something that actually exists," which was precisely the point I have argued previously in my blogs about this topic. It is to be noted that according to the Bloomberg article, the chests are also accompanied with 1930s newspaper articles (to provide a "context" of authenticity). In addition to this, the counterfeiters have another trick up their sleeve:

"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.”'"

So note, in three of the four cases of bearer bond scandals (the Spanish, the Italian, and now the Filipino), we encounter the following similarities:

1) each involved gold-backed bearer bonds in high denominations;

2) each involved total values in the billions if not trillions of dollars;

3) each involved strongboxes from a Federal Reserve Branch bank;

4) all bonds were from 1934 and signed by Henry Morgenthau, Roosevelt's Secretary of the Treasury during his first administration;

5) the bonds are accompanied by "validating contexts" such as contemporaneous newspaper clippings, and in the Filipino case (and presumably in the Spanish and Italian cases), microfilmed "inventories" of the existing bearer bonds allegedly in circulation.

Thus, if the bonds are indeed faked, as is being maintained by government sources, then as noted in my previous blogs on the subject, someone is going to an extraordinary amount of expense and effort to perpetrate the "con", and given the patent inability of anyone to actually cash in the bonds and make any financial gain from them, one has to wonder why all the effort is being put into this in the first place.

So we return to the point noted above, namely, that Special Agent Giovanniello maintains that "Only about $105.4 million in outstanding bearer bonds have yet to be cashed in..." To this we may add another detail mentioned in the Bloomberg article:

"Although Treasury securities were shifted from paper to electronic form in the 1980s and the government stopped issuing bearer bonds in 1982, Gombar says the pre-World War II provenance of the bogus bonds, stamped with Morgenthau’s forged signature, remains a lure in the con artist’s tackle box."(Emphasis added)

These are profound clues, for in the first instance, any reader of this blog will realize immediately that the US debt began to mushroom precisely during the Roosevelt administration and grew to immense proportions after World War Two during the arms race, the precise period during which, if Gombar's statements about the cessation of the issuance of actual paper securities instruments in 1982 is taken at face value, means that the idea that a mere $105.4 of unredeemed bearer bonds remains outstanding is preposterous.

We are thus looking, as I have argued elsewhere, at the likelihood of a real, though hidden, tier of financing. We thus return to the point made at the beginning of this third part of the series, namely, that the Japanese Bearer Bond Scandal was the only one to receive major media coverage in this country. The reason would appear to be because in that instance, some of the alleged bonds were so self-evidently faked that the story could functionally serve to divert attention away from the existence of such a tier of financing, whereas in the cases of the Filipino, Italian, and Spanish instances, as noted in part two, the bonds do represent something that do actually exist.

Do these bonds represent a genuine counterfeting ring, based in the Philippines, as stated in the Bloomberg article? Yes, probably so. But one does not go to all this effort to counterfeit something without a market to exist, and the market exists, because there is in my opinion an underlying truth to the story.... but that must await part four...

...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. Kent on April 16, 2012 at 9:17 am

    I’m curious if these series of events concerning fake bonds are connected to what David Wilcock has been writing at his website regarding financial tyranny?

    In David’s latest article he makes this statement: “The bonds, boxes and chests were deliberately made with spelling and grammatical errors in them, so that if anyone did try to cash these bonds, they could be apprehended for counterfeiting and forgery”

    He speaks of an occult economy running along side of the public economy. And he says that there is far more gold above ground than the official amount of gold that has ever been mined.

    I don’t want to say the wrong thing so I suggest that anyone interested go to his site and read his well researched and written articles on Financial Tyranny and his latest: MAJOR EVENT: Liens Filed Against All 12 Federal Reserve Banks.

    Last article here: Both this article and his lengthy work, FINANCIAL TYRANNY: Defeating the Greatest Cover-Up of All Time
    FINANCIAL TYRANNY: The Final Sections

    UPDATED 2/17! At last — the final four sections of our epic investigation into Financial Tyranny. Get the overview of what we have learned, with stunning new information that paves…

    are well worth the read.

  2. marcos anthony toledo on April 15, 2012 at 7:34 pm

    Who really runs and owns the world now with all these bearer bonds coming out who knows were there is a plot afoot in all this somewhere.

  3. Tor on April 15, 2012 at 2:33 pm

    Okay, it is very interesting, but who will give you gold bullion for a 10 million dollar fake bearer bond? Argentina Nazis?

  4. willem on April 15, 2012 at 1:58 pm

    (paper) Money and bounds are always a counterfeit, even when they are gold backed! So how can one counterfeit the counterfeit. It is like you are your birth certificated! No you are not, because your birth certificate is a counterfeit!

    “Counterfeit financial instruments reflect something that actually exists,” Of course
    they only exists, this entire argument is BS!

  5. willem on April 15, 2012 at 11:56 am

    Joseph, besides keeping your focus on these bonds (ways of moving larges sums of money with out keeping a record of it) of the criminal mega banks, one should watch the gold which the vatic-anus is gathering in the mean time……

    • willem on April 15, 2012 at 12:02 pm

      You see when Rajoy, the actual president of spain, the country where I live, wants to give the impression that the crisis is much worse in Spain as it actually really is, he needs to get some money out of the country, without keeping a record of his deed, right! They’r all freak’n mega criminals!

      • willem on April 15, 2012 at 12:10 pm

        He, Rajoy, probably knows nothing of these transactions, because he is just a puppet. And the mega banks has the mafia to do the dirty work….

  6. Jay on April 15, 2012 at 6:51 am

    But where’s the market for real versions of these bonds? Point to a time and place, say 1970 in Atlanta, when the coupons were redeemed, or name another time and place?

    Why bring up US Treasury bearer bonds? Just to point out how real bearer bonds work? But those have publicly known processes for redeeming the coupons and for finding out when the bond series has been called for redemption. (And yes, though Treasury bearer bonds haven’t been issued recently, they’re still out there.)

    Much more interesting is: It’s widely known that the Federal Reserve holds more US treasury debt than any other entity, including the Chinese government, but ostensibly the US Federal reserve banks don’t have more than some hundreds of billions in assets, so where does the Federal Reserve get the capital to buy two trillion in US Tbills? And who collects the interest now that the Fed owns that much debt? All of which could suggest that there is a secret bond market, but then look at the quantities of gold suggested by these ersatz bonds from the 1930s, are we to believe that the world gold supply is much more than the official a figures? Such an implication sure suggests that gold can be made readily in quantity by someone who’d then have a vested interest in keeping gold’s value high.

  7. Charlie Primero on April 15, 2012 at 6:43 am

    Cool word I haven’t seen in many years…

    “gainsay [geɪnˈseɪ]
    vb -says, -saying, -said
    (tr) Archaic or literary to deny (an allegation, a statement, etc.); contradict
    [C13 gainsaien, from gain- against + saien to say1]
    gainsayer n”

    Thanks Dr. Joe!

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