Bearing our Debt Burden

We’ve heard various numbers for how much debt each US household is now responsible for (both in consumer debt as well as public/national debt). Two Japanese citizens were apparently doing their part to profit from that state of affairs:

A purported $134 billion in U.S. government bearer bond certificates seized by police near the Italian-Swiss border are fake, the U.S. Treasury said on Friday.

[…]

The Treasury’s determination confirmed the suspicions of Italy’s Guardia di Finanza, or tax police, which seized the bond documents in early June from two Japanese nationals at the Chiasso rail station in northern Italy, close to the border with Switzerland.

The bonds comprised 249 “Federal Reserve” bonds of $500 million nominal value each and 10 “Bond Kennedy” with a $1 billion nominal value, the tax police said on June 4 in a statement on the seizure of the bonds.

A senior tax police officer said Italian authorities also were checking whether the two travellers’ Japanese documents are genuine.

I’m not sure whether to be glad that the bonds are apparently fake or upset that the real bonds may not soon be worth much more than the fake ones.

2 thoughts on “Bearing our Debt Burden

  1. In this moment all newspapers are saying they’re fake and they are from the italian mafia to cheat banks and get financing.

    Do you understand why this is a lie ?

    500 million dollars EACH BOND. They’re saying there are banks accepting a 500 million USD bond without controlling whether it is real or bogus !!!!
    Nobody would made a fake 500 million bond because nobody would accept it without controlling its authenticity. The treasury is telling bullshit.

  2. Paolo,

    I believe that the story said that the bonds were fake (both the US Treasury and Italian authorities agreed on this). Not sure what the difficulty is with that.

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