Wednesday, June 17, 2009

Media is mum on the recovered treasury bonds

The media is barely covering this story. Must be that the ratings are just not there to discuss two guys carrying some bonds. Who cares. The fact that this could be the biggest international financial scandal in history doesn't seem to interest anyone.

The US Treasury Department declined to comment.

A few prevailing theories are emerging out there:
1. We believe the most likely scenario is that these are fake certificates. That level of counterfeiting sophistication however must involve a government. Kim Jong Il's government is the most likely candidate. Even if they could sell the fake certificates for a fraction of face value, it will be enough hard currency to keep North Korea eating and building nukes for a while. They are desperate enough to do so and it's more effective than counterfeiting bank notes.
2. A government is trying to unload treasuries via covert means. Unlikely a major government would have a couple of guys move certificates this way. There are far less risky ways for a government to unload such holdings covertly (transported via a diplomatic pouch exempt from searches for example).
3. Some organization actually stole these certificates from a government of a large country. This would be a major conspiracy, but this sum can make people in any government become cooperative.
4. This is simply a hoax

We have not seen any other credible explanations. Please send us your comments if you think it's something else. No matter which way this turns out, the discovery may have a profound impact on international relations, the dollar, and even interest rates.

Here is the only mass media coverage in the US so far from Fox:

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