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More fake bearer bonds - $300 billion in riches

MsMorrisineMsMorrisine Posts: 33,091 ✭✭✭✭✭
in Precious Metals
Philippines
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions

Comments

  • CaptHenwayCaptHenway Posts: 32,153 ✭✭✭✭✭
    While I was working for Harlan Berk in CHicago we had two different potential victims of the Philippine fake bond scam come into the store to check out the story. Obviously we saved those people from a loss, but how many other suckers got taken?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    While old bonds traced back to the Phillipines have been determined counterfeit, it makes one wonder that if such a large cache of legimate old bonds were to surface, would the US declair "counterfeit" to avoid payment. Keep in mind that the 2009 Italy episode temporarily made the two Japanese couriers the fourth largest creditor of the US.

    When the issuer of debt paper is also the party that gets to determine authenticity of the paper, it brings a whole new meaning to the term "counterparty risk." image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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