So I guess It's Not News....

I learned, via cryptogon, of a recent attempt by two Japanese nationals to creep into Switzerland via Italy. This wouldn't have been that strange, except they were carrying $134 billion (with a b) in possibly counterfeit US Government securities. 

It gets even crazier. The securities are in denominations that are not available to ordinary human beings in the private market. Some of these bonds are available only to states and carry billion-dollar denominations.

So, if they're real, this is a pretty big deal. Italy gets a finder's fee and the private market becomes aware that the Japanese government or some other nation-state actor (the only people who could get these things) want to do something with their US government debt holdings.

If they're fake, it's even more interesting. Though it's of course fascinating to surmise that foreign governments are dumping US Treasuries, what about the supposition that there might be in circulation a quantity at least as large as $134 Billion in fake Treasury obligations? Obligations so realistic as to be indistinguishable for 7 days to Italian authorities? This story came out there in a press release dated June 4.