Authorities have confiscated $6trillion in counterfeit U.S. bonds – including phoney billion dollar bills – at the request of Italian prosecutors.
In Italy, eight people were arrested across the country and placed under investigation for fraud and other crimes.
The eight alleged fraudsters are accused of counterfeiting bonds, credit card forgery, and usury in the Italian regions of Lombardy, Piedmont, Lazio and Basilicata, police said.
The bonds, carrying the false date of issue of 1934, had been transported in 2007 from Hong Kong to Zurich, where they were transferred to a Swiss trust, according to prosecutors in the southern Italian city of Potenza.
Authorities said that U.S. officials had confirmed the bonds were counterfeit.
Phi Beta Iota: If the US Government was the original custodian, they would be moving this stuff via diplomatic pouches or military transport. Similarly, if China were seeking to redirect legally acquired bonds, they have other means. In our view, this is something very big, very serious, that will not be investigated to its roots. The two obvious questions: who is “root” and what is their story?
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THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?