Thursday, April 21, 2005

$3 TRILLION IN FAKE BILLS NABBED?

The National Bureau of Investigation (NBI) on Thursday said it has arrested two British nationals with $3 trillion fake US federal bank notes in their possession, DZMM reported.

[...]

The forwarder said the cargo was bound for Zurich, Switzerland.

Why does this story sound so fishy... $3 BILLION would be a lot of "fake" money... but $3 TRILLION!!! That is such and outrageous amount, it is almost incomprehensible. What the hell was going on here? And why was this money going to Switzerland? Who are these "British Nationals"? This sounds like some sort of Intel Agency operation...

MORE:
$3-trillion fake federal bank notes seized from 2 Britons
Agents seize fake US treasury notes

From those articles:
The NBI said the package, sealed in an iron-cast chest, was similar to the shipment the NBI seized a few months ago that also contained fake US dollar notes.

[...]

Charges of forgery and illegal possession of bank notes were filed against Paul Edward John Flavell and Sam Beany, both residents of the CEO Apartments located on Jupiter street, Makati City.

Two of their alleged cohorts, also British nationals, have yet to be apprehended by lawmen. They were identified as Zeki Mehmet Bayram and Peter Wittkamp.

MORE (4/25/05, 3:01pm):
Been digging around to see what else has come up about this... Haven't found much. I did stumble across this interesting article from 2003 in which 2 men (one a Brit, the other a Canadian) tried to pass off $2.5 TRILLION in bonds. My question, if we are catching these... which ones didn't we catch?

MORE! (4/27/05):
Here is one guys's theory on what dumping $3 trillion into the US economy would do:
So, what was such a huge amount of counterfeit money intended for in Zurich? Normally, currency counterfeiters sell their product through a large distributed chain of passers, who will pay some fraction of the face value of the currency, then spend it in stores, etc. But counterfeit beaerer bonds headed for Zurich strongly suggest the destination was a bank.

So, what happens when three trillion shows up all at one time? At the very least, three trillion dollars worth of paper dumped into the US economy at one time would trigger a sudden inflationary spiral; the usual result of too much cash chasing too few goods and services. Three trillion dollars in bonds presented for redemption through the banks in Zurich could trigger a run on the Federal Reserve itself, as even the Federal Reserve does not keep that kind of cash or even gold reserves at hand. Since the bonds were fakes, the ultimate mastermind could care less if the "money" was lost, and anyone willing to "lose" three trillion dollars in just the right way could bring down the entire US stock market.


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