Is Japan panicking about hyper-inflation of US currency?
by James Buchanan
An article on a financial website notes “We’ve heard a lot of big numbers over the past year. A $700 billion bank rescue. A trillion-dollar deficit. A $50 billion Ponzi scheme. A quadrillion-dollar Zimbabwean personal check. But this story might top them all, if only for sheer originality. Details are extremely vague, but Bloomberg reports two Japanese men were detained in Italy after trying to smuggle $134 billion of U.S. Treasury bonds into Switzerland. You read that right: Two men. $134 billion. They had it all stuffed in a suitcase — a suitcase worth more than Wells Fargo (NYSE: WFC), Google (Nasdaq: GOOG), or Coca-Cola (NYSE: KO). The denominations were as high as $1 billion each… Now, one of two scenarios seems likely here: Either this is a counterfeit operation of biblical proportions, or it’s a disturbingly ominous stealth transfer by a single foreign nation. Why?”
We have a president, who has never actually run anything (not even a small town) in his lifetime and who’s looking more and more like Robert Mugabe (the dictator of Zimbabwe and king of hyper-inflation). The US government has thrown trillion after trillion at America’s worsening Depression in a futile attempt to spend our way out of economic bad times.
It’s obvious our currency is going to suffer serious inflation. Anyone holding a large quantity of dollars would be well-served to trade them in for euros. Perhaps, the Japanese government calculated that their US bonds were about to lose 20 percent of their value due to inflation, and they were hoping to sell these bonds at a 5 to 10 percent discount off face value.
The claim that this could be a counterfeiting operation seems far-fetched. The first thing a prospective buyer would do is determine whether the billion dollar US bond, he was about to buy, was genuine or not. There must be serial numbers and records of who the legal owners are. An attempt to counterfeit that large a quantity of bonds would be doomed to failure. Also the people holding the bonds were Japanese, who are not well known for financial fraud.
The financial article goes on “Only a few countries actually own over $134 billion of Treasury securities… China $764 billion… Japan $686 billion… United Kingdom $153 billion (and) Russia $137 billion.”
So Japan definitely does possess this large an amount of US Treasury bonds. Perhaps their plan was to secretly sell this quantity of bonds to the highest bidder in a meeting in Switzerland. The Japanese obviously would not want news of this transaction to leak out for fear of causing a panic, which might cost them billions of euros.
What’s especially curious is the scarcity of articles on what seems like one of the biggest financial news stories of the decade. Perhaps the liberal media is trying to prevent a financial panic that might harm one of their favorite politicians, Barack Obama.
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