Update: June 17 2009:
Update: June 16 2009:
This is very significant news, because, as Michael Barnett writes in an email, one of the following must be true:
1. The Japanese are trying to secretly divest themselves of about 25% of their US debt. (They own about $600B in US debt.)
2. The Japanese are acting as Chinese or North Korean agents in trying to help them divest themselves of US debt in secret.
3. There is an enormous sum of counterfeit US debt out there and these guys are trying to sell some of it.
None of these cases bodes well for the US debt market.
June 14 2009:
1 3 4 Billion….Kind of blows the doors off the tired customs dude asking whether you are carrying $10K doesn’t it?
At any rate, you might think that two people carrying the equivalent of 1/4 of the entire Canadian debt might rate a front page mention in more than a couple of our intrepid journals, and yet – mysteriously quiet. [sound of crickets]. For instance, if you or I were to have in our possession the equivalent to the entire GDP of several african nations, and we were caught at a border with it, maybe the local, nay the international press might be interested. If they’re fake it’s a story. If the bearer bonds are real, its also a story!
Go here to read some analysis… Its weird, but then again….