Thursday, December 30, 2010
Third-Class Politicians Only Provide the Third-Rate Policy-V
A recent find by the Italian financial police (Guardia Italiana di Finanza) may result in a big jackpot for the Italian government. Two Japanese nationals (around age 50s), carrying U.S. bonds worth $134.5 billion (including 249 US Treasury bonds worth $500 million each, and ten Kennedy bonds, as well as other US government securities worth a billion dollar each) in a suitcase with a false bottom, were seized at Chiasso, 40 km from Milan on the border between Italy and Switzerland (Asiannews.it and Time). If these bonds are genuine, the Italian government would hit the jackpot because the fine alone would be $38 billion, 40 percent of their total value. If these bonds are fake, two Japanese will spend many years in the Italian jail. Some media are suspicious that the Japanese government might try to dump the US bonds in the black market in Switzerland. Based upon the value of the bonds, these two Japanese individuals would rank in 4th place of U.S. bond holders after China, Japan, and Russia (the number 5th place is the U.K.). Was the Japanese government involved in this scheme which amounts to the equivalent of one fourth of the total Japanese government holdings? Interestingly, on 13 June 2009, the Japanese Finance Minister made a statement that Japan will definitely continue to buy the US bonds in the future.