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$4 Trillion In "Fake" Euro Bonds Seized At Vatican Bank

Tyler Durden's picture


In 2009, two Japanese individuals were arrested trying to smuggle $134 billion in US bonds into Switzerland from Italy. In 2012, Italian authorities seized $6 trillion in allegedly fake US bonds from safe-deposit boxes in Zurich (which were purportedly to be used to buy plutonium from Nigerian sources). And now, in 2014, The BBC reports, Italian police have arrested two men who were allegedly trying to deposit trillions of euros in fake bonds in the Vatican bank.


Via The BBC,

Italian police have arrested two men who were allegedly trying to deposit trillions of euros in fake bonds in the Vatican bank.


Officials say the pair, an American and a Dutch national, claimed they had an appointment with bank officials to gain entry but were handed over to police.


Fake bonds with a face value of 3tr euros ($4.1tr; £2.5tr) were found in their briefcase, the officials say.




The bank - officially called the Institute for the Works of Religion - runs thousands of private accounts held by cardinals, bishops and religious orders all over the world.


The two suspects were later released pending further investigation, Financial Guard police officer Davide Cardia told AP news agency, as Italian law does not require arrest for fraud investigations.

As FOX details,

Financial Guard police Lt. Col. Davide Cardia said the would-be swindlers, who were wearing business suits, tried to convince Swiss Guards at a Vatican City gate earlier this month that "cardinals were expecting them."


Cardia said the fake documents purported to be bond certificates for non-Italian companies. "The sum -- worth some 3 trillion euros (more than $4 trillion dollars) -- is impressive, even though it's only symbolic because we're talking about false" certificates, said Cardia, in charge of the financial police's operations in Rome and surrounding area.


Investigators suspect the men might have planned to use the fake bonds as security to open a hefty line of credit through the Vatican bank.


But this is not the first time,

Both suspects, whose names weren't released by police, had been previously investigated for attempted fraud in Asian countries, Cardia said without elaborating.

With trillion of freshly minted dollars, yen, euros, and yuan floating around the world (and all the subsequent monetized debt); and in light of increasing capital controls in a desperate world, who knows with any of these "frauds." Just the sheer scale of trying to pull of a trillion dollar fraud would be incredible were it not for the Central Banks numbing us to the new normal.


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Mon, 03/31/2014 - 11:11 | 4610613 fightthepower
fightthepower's picture


Mon, 03/31/2014 - 11:14 | 4610625 fonestar
fonestar's picture

Found hidden inside boxes of cocaine and condoms.

Mon, 03/31/2014 - 11:22 | 4610672 smlbizman
smlbizman's picture

would you like that in 10's or 20's......

Mon, 03/31/2014 - 11:25 | 4610686 Pladizow
Pladizow's picture

Perhaps Bernanke and Greenspan arn't retired?

Mon, 03/31/2014 - 12:03 | 4610825 strannick
strannick's picture

Another few QEs and such deposits will be no biggie...

Mon, 03/31/2014 - 12:25 | 4610896 Herd Redirectio...
Herd Redirection Committee's picture

What, no tip of the hat for HRC?  I commented on this more than 24 hours ago in ZH comments section...

Who gets to decide what is a fake security any way?

Mon, 03/31/2014 - 12:51 | 4610986 SafelyGraze
Mon, 03/31/2014 - 13:09 | 4611049 SamAdams
SamAdams's picture

This is great news!  Benjamin Fulford was needing some new material...

Mon, 03/31/2014 - 13:24 | 4611110 Quus Ant
Quus Ant's picture

damn, ZH...... this story got buried fast....

Mon, 03/31/2014 - 13:47 | 4611210 FEDbuster
FEDbuster's picture

I have tried to deposit a couple of my $100 trillion Zimbabwe bank notes at TBTF/TBTJ banks, with no success.  

Mon, 03/31/2014 - 18:14 | 4612082 MisterMousePotato
MisterMousePotato's picture

Don Johnson?

Mon, 03/31/2014 - 15:27 | 4611578 silvermail
silvermail's picture

I think that all U.S. government bonds are fake.

Mon, 03/31/2014 - 16:47 | 4611844 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

have many kinds of stupid are these guys

I mean really...print up $10M in fake bonds, not $4 trillion

Mon, 03/31/2014 - 12:25 | 4610897 zerozulu
zerozulu's picture

Bond is bond, fake or real.

Mon, 03/31/2014 - 12:40 | 4610949 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

If I had not read this here and someone told me "The bank - officially called the Institute for the Works of Religion" I'd have said "get the fuck out".

Mon, 03/31/2014 - 13:25 | 4611113 DeadFred
DeadFred's picture

If the police catch you with a few thousand in fake bonds you have a problem. If they catch you with a few trillion in fake bonds they have a problem.

Wed, 04/02/2014 - 23:49 | 4620018 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Question: Do you make counterfeit $3 bills? No. Why? Because you know they're non-negotiable. Now, someone coming in with bonds in such high denominations-- these could be actual fakes, but based on some actual very large value bonds. Of course, it could be that these are actual high value bonds, but were "confiscated" for the benefit of some other party. Perhaps this is all groups "sending messages" to one another. You watch, those trying to deposit the bonds will end up walking, no jail no nothing. Can you imagine what would happen to you or I if we tried such a thing? 

Mon, 03/31/2014 - 15:08 | 4611520 Kirk2NCC1701
Kirk2NCC1701's picture

If successful, this could've been the Black Swan event that takes out the Bond market, and collapsed the whole fiat Ponzi.

Oh, so close, so close. Darn.

In any case, I note that the CBs have friends in higher places than the Church, which is ALLEGEDLY against Usury. Once again the guys following a warrior god (Moses's Elohim/Yahweh) beat the guys following his Hippie Son (JC). Wolves are still beating and eating the Sheep.


Mon, 03/31/2014 - 11:25 | 4610689 Manthong
Manthong's picture

Wow.. pretty tight security.. I’m impressed.

Each time I deposit a few trillion in fake bonds at my bank here, they don’t even bat an eyelash.

Mon, 03/31/2014 - 11:36 | 4610723 Quus Ant
Quus Ant's picture

Yeah, there's a lot more to this story.  4 TRILLION?  Who tries to steal 4 trillion?  Think they might check a few references?  Only governments try to steal 4 trillion.  Did Obama convince the vatican to seize 4 trillion from another government?   My conspiracy theory of the day.....

Mon, 03/31/2014 - 11:39 | 4610749 Termin8or
Termin8or's picture

Didn't O-Bama recently visit the Vatican? Coincident? 

Mon, 03/31/2014 - 12:04 | 4610814 Quus Ant
Quus Ant's picture

These two excerpts feel like the writer is hiding the truth in plain sight:

"would-be swindlers, who were wearing business suits, tried to convince Swiss Guards at a Vatican City gate earlier this month that "cardinals were expecting them."

 Were cardinals actually expecting them?  


"Investigators suspect the men might have planned to use the fake bonds as security to open a hefty line of credit through the Vatican bank."

Who with 4 TRILLION needs a line of credit?  4 trillion means you issue credit.

Mon, 03/31/2014 - 12:30 | 4610906 SDRII
SDRII's picture

NSA monitoring the conclave for "threats to the financial system"



Mon, 03/31/2014 - 13:16 | 4611071 Max Cynical
Max Cynical's picture

The timing of this is interesting. Perhaps the "would-be swindlers, who were wearing business suits" drove to the Vatican after arriving on Air Force One?

Mon, 03/31/2014 - 15:34 | 4611596 silvermail
silvermail's picture

"would-be swindlers, who were wearing business suits, tried to convince Ukrainian citizens at a Kiev City gate earlier this month that "they are the legitimate government of Ukraine.."

Mon, 03/31/2014 - 11:31 | 4610718 remain calm
remain calm's picture

The world is so fucking polluted its disgusting. If you aren't rapping and plundering then you are being rapped and plundered. God can not happy with what he created. Makes me believe their is no God, because why would you create such a fucked up place.

Mon, 03/31/2014 - 11:47 | 4610779 astoriajoe
astoriajoe's picture

Rap & Plunder, Hip-Hops newest dynamic duo.

Mon, 03/31/2014 - 16:23 | 4611742 post turtle saver
post turtle saver's picture

Rap & Plunder Production, Three Six Mafia, roll with us or get rolled over, shoot with us or get shot tha fuck up

Mon, 03/31/2014 - 11:50 | 4610795 Groundhog Day
Groundhog Day's picture

If only they tried it with 3,900,000,000,000 and kept it under the radar, they might have got away with it......greedy bastards

Mon, 03/31/2014 - 20:42 | 4612488 StychoKiller
StychoKiller's picture

10s or that Ozs of Cocaine or cms of Condoms?

Mon, 03/31/2014 - 11:41 | 4610674 TruthInSunshine
TruthInSunshine's picture

"In 2009, two Japanese individuals were arrested trying to smuggle $134 billion in US bonds into Switzerland from Italy...

...And now, in 2014, The BBC reports, Italian police have arrested two men who were allegedly trying to deposit trillions of euros in fake bonds in the Vatican bank."

...Because inflation.

Mon, 03/31/2014 - 11:25 | 4610676 Headbanger
Headbanger's picture

Reminds me of "The Italian Job"!

And did these two guys look like Timmay and Larry Summers by any chance??

Mon, 03/31/2014 - 11:33 | 4610708 Wile-E-Coyote
Wile-E-Coyote's picture

Do you think these guys kind a pushed it a little too far? It's like pulling out a ten foot dick; questions will be asked.

Mon, 03/31/2014 - 12:33 | 4610924 JPM Hater001
JPM Hater001's picture

I like your question-who could have been that stupid?  Perhaps someone who thought it was already a done deal?  Someone who thought it might go "unnoticed?"


Mon, 03/31/2014 - 11:22 | 4610636 Deathrips
Deathrips's picture

So whens the false flag to cover the fraud...that these bonds were going to short term paper over? With some leverage, a couple of trillion should have kept the doors open for a couple months. Notice how they were "released"?


Will they have a trillions missing speech first, like that lizard D Rumsfeld gave Sept 10,2001?



Mon, 03/31/2014 - 11:28 | 4610707 Thought Processor
Thought Processor's picture



It is rumored that these bonds / transactions are somehow related to what is called "The Black Eagle Fund".   An incredible tale that connects a lot of dots.


Read more here:

Mon, 03/31/2014 - 12:13 | 4610857 philbert
philbert's picture

I've followed this story too. It's absoutely incredible, and almost unbelievable, but actually really makes a lot of sense and explains a lot about why the world is the way it is today.

I don't know if Neil Keenan is a lunatic, a con man, or legit, but if it's true it's a better story than any book you'll ever read. 

Checkout here for the "beginning" of the story:

Mon, 03/31/2014 - 12:27 | 4610898 Herd Redirectio...
Herd Redirection Committee's picture

Uh huh... And there's also the Intergalactic Council looking out for us, and Yamashita's gold at the end of the rainbow...

Tue, 04/01/2014 - 12:38 | 4614033 Liberty2012
Liberty2012's picture

That lawsuit is very interesting reading and certainly "fits" as to why things don't seem to work in the way one would expect them to. It shows the interplay between corruption and rules - influence peddling - among other things. Might be worth a second reading ;). Leaves out a lot too, so plenty of room to build stories.

Mon, 03/31/2014 - 11:16 | 4610640 whatsinaname
whatsinaname's picture

Why are they being arrested ? Is there a difference between fake Euro bonds and real Euro bonds ?

Mon, 03/31/2014 - 11:20 | 4610661 Four chan
Four chan's picture

not one damn bit of difference.

Mon, 03/31/2014 - 11:39 | 4610745 Manthong
Manthong's picture

Except that there are likely trillions in official fake Euro bonds sitting as reserves on the Fed's (dark) books.

Tue, 04/01/2014 - 00:23 | 4612967 StillSilence
StillSilence's picture

Whole thing feels fishy to me, like the story is laying some foundation for a "successful" bond fraud scheme that becomes the fake cause for a meltdown.

Mon, 03/31/2014 - 11:36 | 4610738 BFG
BFG's picture

Fake euro bonds are probably not recognized by the ECB since the bond numbers don't add up.

Printing up currency is all fine and dandy if the central banks and reserves do it but if anyone else takes a crack at it they better believe they're going to get thrown behind bars, or get hired to pull this stuff legally ofcourse.

Mon, 03/31/2014 - 12:36 | 4610931 Four chan
Four chan's picture

"catch me if you can"

Mon, 03/31/2014 - 11:17 | 4610646 Mr Pink
Mr Pink's picture

They wanted to deposit zillions but decided they shouldn't draw attention to themselves

Mon, 03/31/2014 - 11:20 | 4610658 Ignatius
Ignatius's picture

I see I'm not the only one having trouble getting this story passed the smell test.

Mon, 03/31/2014 - 11:26 | 4610695 Skateboarder
Skateboarder's picture

Yeah, like two lone daredevils are gonna get away with 4 trirrion of bond fraud. It took Obie and Benny almost an entire term to get those kinds of results.

Mon, 03/31/2014 - 11:30 | 4610713 TruthInSunshine
TruthInSunshine's picture

"The € quadrillion denominated bearer bonds would have drawn too much scrutiny, they feared."

Mon, 03/31/2014 - 11:21 | 4610668 Buckaroo Banzai
Buckaroo Banzai's picture

As they say in Italy, STUGOTS!!

Mon, 03/31/2014 - 11:19 | 4610652 JPM Hater001
JPM Hater001's picture


The two suspects were later released pending further investigation

"$4 Trillion in bond fraud and you get released.  Something doesnt smell right here Penny."

"No Uncle Gadget, it doesnt."

Mon, 03/31/2014 - 12:04 | 4610833 HamRove
HamRove's picture

Government sanctioned Fraud. Hey they have to give it a shot. Never know til you've tried it.

Mon, 03/31/2014 - 11:22 | 4610675 Snidley Whipsnae
Snidley Whipsnae's picture

The boyz were simply delivering their weekly tithe... cops got em all wrong. Since a tithe is about 1/10th of their income they must be in a lucrative biz?

Mon, 03/31/2014 - 11:40 | 4610752 holmes
holmes's picture

they should have used a couple of trillion to bribe the guards.

Mon, 03/31/2014 - 12:24 | 4610893 Wahooo
Wahooo's picture

I must be very naive.  Why does the Vatican need its own bank?

Mon, 03/31/2014 - 12:32 | 4610918 Herd Redirectio...
Herd Redirection Committee's picture

You need to brush up on your Vatican history.  I suggest starting with the 1400s, a story of an organization that receives large amounts of 'charitable donations' annually, getting paid for every baptism, marriage, funeral, large land owner, more powerful than most sovereign nations of the time...

Mon, 03/31/2014 - 12:40 | 4610948 Scoobywan
Scoobywan's picture

The Catholic Church has an un"god"ly amount of money, and the only way to keep that secret is to.....keep it secret.

Mon, 03/31/2014 - 15:03 | 4611505 sessinpo
sessinpo's picture

Japanese Rochschilds? You are laughable.

How about simple criminal corruption, no matter what race or family?

Mon, 03/31/2014 - 11:11 | 4610614 Haus-Targaryen
Haus-Targaryen's picture

I was unaware Bernanke & Greenspan were in Italy

Mon, 03/31/2014 - 11:17 | 4610643 jbvtme
jbvtme's picture

we got some of them in good ole usa.  derivatives, i believe they're called...700T Worth

Mon, 03/31/2014 - 11:18 | 4610647 Chief Kessler
Chief Kessler's picture

We'll have none of your potpourri here sir!

Mon, 03/31/2014 - 11:21 | 4610667 ziggy59
ziggy59's picture

How many trillions are not 'stopped'?

Mon, 03/31/2014 - 11:12 | 4610616 CynicalBastard
CynicalBastard's picture

The fake bonds were just as real as the Monopoly money coming from the fed.

Mon, 03/31/2014 - 12:29 | 4610904 RafterManFMJ
RafterManFMJ's picture

Counterfeiting without a license? Unforgivable! You gotta be in the special club!

Mon, 03/31/2014 - 12:44 | 4610959 Herd Redirectio...
Herd Redirection Committee's picture

Counterfeiting is only cool WHEN WE DO IT, GOT IT?

Mon, 03/31/2014 - 11:14 | 4610628 KingTut
KingTut's picture

And obviously not all these frauds get caught.  These guys were amatuers, but others have doubtless been successful, although probably working with less absurdly supicious amounts.

Mon, 03/31/2014 - 12:31 | 4610908 RafterManFMJ
RafterManFMJ's picture

Printing all this fake money leads to inflation and clearly is a crime against the people.

Mon, 03/31/2014 - 11:15 | 4610630 firstdivision
firstdivision's picture

this is one way to lower outstanding soverign debt, just sieze it as counterfit.

Mon, 03/31/2014 - 11:16 | 4610641 Kirk2NCC1701
Kirk2NCC1701's picture

Whaddya mean "FAKE"?

Aren't they ALL fake?  Fake, as in "fiat debt?

Mon, 03/31/2014 - 11:16 | 4610642 SoDamnMad
SoDamnMad's picture

The pair were released  as Italian law does not require arrest for fraud investigations.  

The CIA has left town using counterfeit passports and will try somewhere else to launder their Fast and Furious and drug money. 

Mon, 03/31/2014 - 11:17 | 4610644 Ignatius
Ignatius's picture

I wanna try this.

Smaller scale, sure, but walk into Wells Fargo, JPM or my local Catholic church and see if I can pass a few billion in counterfeit bonds.

Might work....

Mon, 03/31/2014 - 11:18 | 4610648 youngman
youngman's picture

4 trillion....sounds reasonable....I wonder do you get a free toaster with that kind of deposit

Mon, 03/31/2014 - 11:21 | 4610669 Skateboarder
Skateboarder's picture

4 tril - Spiderman towel
8 tril - Latest season Dancing with the Stars DVD
12 tril - Super awesome new toaster

Get in today!

Mon, 03/31/2014 - 11:20 | 4610649 SheepDog-One
SheepDog-One's picture

'I'm god....and I'm gonna need about $three-fitty to $4 trillion.'

Mon, 03/31/2014 - 13:19 | 4611078 ncdirtdigger
ncdirtdigger's picture

No, I ain't gonna give you no tree fiddy. Now go away!

Mon, 03/31/2014 - 13:23 | 4611099 ncdirtdigger
ncdirtdigger's picture

Goddamn Loch Ness monster dressed up like a sheep. You aint foolin nobody Loch Ness monster!

Mon, 03/31/2014 - 11:19 | 4610653 annabelleballow
annabelleballow's picture

The cojones on these two! Trillions, I mean If they tried millions they might have gotten away with it. 

Mon, 03/31/2014 - 11:34 | 4610731 jcaz
jcaz's picture

No, that was their problem- thinking too small-  Quadrillions, they would have gotten away with it.....

Mon, 03/31/2014 - 11:19 | 4610655 deepsouthdoug
deepsouthdoug's picture

If you're going to play it might as well be 'The Big Con'.

Mon, 03/31/2014 - 11:20 | 4610659 fzrkid
fzrkid's picture

Didnt Daddy O just visit the pope? He must have left his attache case filled with EU bonds that he traded for worthless US bonds.

Mon, 03/31/2014 - 11:46 | 4610776 youngman
youngman's picture

No i bet the Pope did not like the Obama Obama sent this as a backup gift...

Mon, 03/31/2014 - 11:20 | 4610660 Snoopy the Economist
Snoopy the Economist's picture

Italian law does not require arrest for fraud investigations

I think that sums it up - fraud is such a commonplace activity that arrests are not required.

Mon, 03/31/2014 - 11:22 | 4610673 unplugged
unplugged's picture

Fraud is the New Normal - everyone's doing it - honesty is for suckers - law is for suckers.

Mon, 03/31/2014 - 11:39 | 4610742 Ewtman
Ewtman's picture

Bunga Bunga -  Let's party!

Mon, 03/31/2014 - 11:20 | 4610663 Ban KKiller
Ban KKiller's picture

I see a movie! Call Brad Pitt stat!

Boy, these guys go big don't they? They knew they would not be held so why not go for the gusto. Would love to see the bonds. 

Mon, 03/31/2014 - 11:21 | 4610665 holgerdanske
holgerdanske's picture

All is fake! If it is not golden, heavy and nice to hold, don't even bother.

All is a bloody fake, the money, the politicians, the banks and the state.

F@#$%^& them all.

Mon, 03/31/2014 - 11:39 | 4610747 1stepcloser
1stepcloser's picture

So I'm taking it, you're not a fan of the Trillion dollar Platinum Obummer coins..

Mon, 03/31/2014 - 11:21 | 4610666 unplugged
unplugged's picture

Fake?  But they are real paper with real ink, right? Just like, say, Fed Reserve Notes...

Mon, 03/31/2014 - 11:21 | 4610670 tony wilson
tony wilson's picture

this is a musselamic plot.

the vatican bank is innocent of all crimes.

are new pope has no childs blood on his hands or feet.

we do not worship the cube or saturn

yar way is not the way.

we do not work with are friends in israel

we do not believe in satan

the new noah movie is full of godly love

it is not satanic nostic

are bank staff are ready and waiting to keep your monies safe.

we do not need anymore children for slaughter ritual at this time.

all is well in vatican city

move along now.

Mon, 03/31/2014 - 11:22 | 4610671 bwdiii
bwdiii's picture

but niger can't plutonium, etc.....

Mon, 03/31/2014 - 11:23 | 4610677 B2u
B2u's picture

(which were purportedly to be used to buy plutonium from Nigerian sources)


That's really the money I was promised from a Nigerian prince.  I have an e-mail proving this.  All I need to do is send my SS# and bank account number along with  $2,000 and I will be sent millions....

Mon, 03/31/2014 - 11:26 | 4610699 jmcadg
jmcadg's picture

And you can buy physical gold for under $1300oz and physical silver under $20oz spot.

Who'd have thunk.

Mon, 03/31/2014 - 11:36 | 4610706 Mercury
Mercury's picture

Note to counterfeiters: $3-$6 trillion might be too large of a scam for a non-sovereign to try and pull off successfully.   Just sayin'.

Nonetheless,  The ECB may very well have accepted these things as collateral...

Mon, 03/31/2014 - 11:31 | 4610717 Fix It Again Timmy
Fix It Again Timmy's picture

I'll have a pack of gum and here's $4 trillion.... [Counterfeit]

Thanks, here's your change - $3,999,999,999,999.50 [REAL paper!!!!]

Thanks, Good day...

See how easy it is!  The beauty of fiat!.....

Mon, 03/31/2014 - 15:34 | 4611595 IMACOINNUT
IMACOINNUT's picture

Have to call you on that --- Since when is gum just $.50 ?

Mon, 03/31/2014 - 11:36 | 4610741 Spungo
Spungo's picture

<Alex Jones>
It's the new world order doing it. They're trying to dilute the currency, crash our economy, and bring on a one world government. Buy gold. Black helicopters. Coffins outside of Dallas. FEMA bonds. WE FOUND MORE CORRUPTION! 

Mon, 03/31/2014 - 12:38 | 4610940 Herd Redirectio...
Herd Redirection Committee's picture

I am always entertained when people throw out the words "grassy knoll" to discredit an idea as outlandish.  And meanwhile, its highly HIGHLY likely JFK was indeed shot by gunmen standing behind a fence, on the grassy knoll...

Disinformation, deception, secrets hidden in plain sight.  The tools of the trade.

Mon, 03/31/2014 - 21:22 | 4612583 TheReplacement
TheReplacement's picture

The problem with that is his brains and blood did not poof out on Mrs Kennedy as you would expect from a grassy knoll hit.  Furthermore, there would be a high risk of hitting bystanders or Mrs Kennedy with a punch-through or miss.  Most likely he was shot by Oswald.  A certain former Romainian DIE boss who defected has some interesting things to say about what really happened behind the scenes but ultimately leaves it to you to decide what happened. 

Either the CIA or the KGB killed Kennedy.  Why else would the records be sealed for 75 years?  Get the book, Disinformation.  Very interesting to read and on topic as it has a lot of information about how the Catholic Church and KGB are related.

Mon, 03/31/2014 - 12:47 | 4610970 Tortuga
Tortuga's picture

I'm confused?

Is there a wholesale coffin seller, outside Dallas?

Mon, 03/31/2014 - 11:39 | 4610750 Rising Sun
Rising Sun's picture

This wasn't a cold call.  Someone wanted these.


Here's a good read from the past about the murderous rot at the Vatican.


Vatican should get some of the stolen shit throughout the centuries from their basement(s) and put it on sale if they are short on donations.

Mon, 03/31/2014 - 11:44 | 4610758 Quinvarius
Quinvarius's picture

I suspect it is possible they were not fake and some Russian just got assraped out of his money.  It takes bigballs to deposit 4 trillion dollars worth of fake into a bank, unless it is not fake.  And why were these guys let go? 

Mon, 03/31/2014 - 11:49 | 4610788 Madcow
Madcow's picture

What % of global financial assets are "real" ?

(not - "what % are hard assets" - but what % of financial assets are legitimate - with good title and not owned by multiple people - or not just outight counterfeit like in this case) 

is it  1%?   5%?    20%    50%    80% ???? 

please inform - thank you !!

Mon, 03/31/2014 - 11:50 | 4610791 youngman
youngman's picture

I guess you can buy your way into heaven....this proves it

Mon, 03/31/2014 - 13:23 | 4611106 Boxed Merlot
Boxed Merlot's picture

buy your way into heaven...


Actually, it's the pope, who as vicar of Peter controls the keys to the treasury of merit.  All a good catholic can do is throw wealth in the pool of indulgence that may include reducing time in temporary hell of some "deserving" already deceased believer.  This remains a chief point of departure between "Catholic", (universal), Christianity and "Protestant" or traditional reformation based Christianity.

The pope can however condemn an individual to eternal punishment the likes of which even God can't overturn.  That was Luther's fate.


As Ripley would've said, "Believe it or Not".

Mon, 03/31/2014 - 11:52 | 4610799 NoWayJose
NoWayJose's picture

These are just as 'real' as the other collateral being used in Europe to tap funding from the ECB and the US Federal Reserve...  better check that collateral Mr. Yellen...

Mon, 03/31/2014 - 11:57 | 4610807 Notsobadwlad
Notsobadwlad's picture

We only have the Vatican Bank's word for it that they were fake. They, or any bank for that matter, do not have the best reputation for being truthful.

What a great way for a less than reputable bank to get something massive for free and reduce market liquidity by $3 trillion at the same time.

But will the real owners of the $3 trillion step up? My guess is that this will be worked out outside of the public perview.

Mon, 03/31/2014 - 12:04 | 4610829 Notsobadwlad
Notsobadwlad's picture

It is also possible that the money was to be used to destabilize a variety of currencies and to push the world toward one centrally controlled monetary system.

Who would be a better accomplice than the Vatican Bank?

Mon, 03/31/2014 - 12:11 | 4610852 FieldingMellish
FieldingMellish's picture

All bonds are fake anyhow.

Mon, 03/31/2014 - 12:19 | 4610874 El Hosel
El Hosel's picture

Nice, add a little Counterfitting to the Sex and Drugs Scandals.... Good for business.

Momma's don't let you babies grow up to be altar boys.

Mon, 03/31/2014 - 12:13 | 4610860 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Turn your trash into cash, Federal Reserve counterfitting scheme most likely. That toxic sludge which is their books no one is allowed to audit must be a reason for that. Looks like a laundry washing scheme to recycle junk on their books through the Vatican and Brussels (either the ECB or IMF as the other intermediary) to finance debt using that secret balance sheet to buy debt to keep QE going while they are tapering.

Mon, 03/31/2014 - 12:15 | 4610863 Perfecthedge
Perfecthedge's picture

Either these two are complete crazy amateurs or the story doesn't add up.  Who in their right mind tries to rob god??? No wonder you get caught...



PS: I'm going to pull this one off.  Wear better suit and a fake Rolex.

Mon, 03/31/2014 - 12:45 | 4610966 Tortuga
Tortuga's picture

They weren't tryin to rob God.

They were doing the work of the lord, "going forth and hypothecating" (formerly known as, multiplying).

Mon, 03/31/2014 - 12:14 | 4610864 chaartist
chaartist's picture

finally we know where the collateral for gold shorts is

Mon, 03/31/2014 - 12:20 | 4610883 Perfecthedge
Perfecthedge's picture

Mhhhm, lets see:

Fake bonds at a fake bank backed by a fake religion that belongs to a fake god.  Sounds about right to me.

Mon, 03/31/2014 - 12:25 | 4610890 Pee Wee
Pee Wee's picture

Perhaps I am the only one confused as to what the problem is - whether or not Fascist-finance prints "bonds" or Mother Mary, they are all fake!

Isn't this like arguing about the prettiest horse at the glue factory?

Mon, 03/31/2014 - 12:25 | 4610895 SDRII
SDRII's picture

And they were arrested on.......3.11

Mon, 03/31/2014 - 12:33 | 4610923 Troy Ounce
Troy Ounce's picture


Who remembers the Italian bonds of 2009?

US$ 135 Billion (Fake or Real) US Bonds confiscated by Italian Border police.

If real, US Bonds seized by Italian customs would wipe out Italian budget deficit.

Mon, 03/31/2014 - 12:42 | 4610955 elwind45
elwind45's picture


Mon, 03/31/2014 - 12:49 | 4610978 Tortuga
Tortuga's picture

I'm saddened they didn't let the sale to the Nigerian princes go through.

Mon, 03/31/2014 - 13:08 | 4611047 Satan
Satan's picture


Who here remembers when a trillion was considered to be quite
a lot?

Mon, 03/31/2014 - 13:39 | 4611178 Emergency Ward
Emergency Ward's picture

A million really ain't what it used to be, a billion gets tossed around like pocket change, and even a trillion is considered a trifle nowadays.....

Mon, 03/31/2014 - 13:12 | 4611062 Cacete de Ouro
Cacete de Ouro's picture

There appears to be a lot more fiat outside the system than inside the system, or else some distinct 2nd system of global liquidity and valuations that is out of public gaze.

Why would there be multiple occurrences of various characters being caught in Italy and Switzerland with such huge denominations that would always cause suspicion in any normal financial institution? Or in other words why would anybody go to the bother of faking such massive denominations of bonds/instruments unless they were real?

Mon, 03/31/2014 - 13:21 | 4611088 PontifexMaximus
PontifexMaximus's picture

Thought april 1st is tomorrow...

Mon, 03/31/2014 - 13:37 | 4611170 Pumpkin
Pumpkin's picture

Who even believes ANYONE would take billions, let alone trillions, of dollars worth of fake bonds anywhere for some type of SCAM?  Criminals are not this stupid.  Something very strange about these type of stories.

Mon, 03/31/2014 - 13:57 | 4611261 LongOfTooth
LongOfTooth's picture

Imo Joseph Farrell has some interesting thoughts regarding "fake" bearer bonds.  The following is from his book "Covert Wars and Breakaway Civilizations" from Adventures Unlimited Press.

In summary:

One does not counterfeit what does not exist.

Or to put that point even more subtly:

One does not counterfeit something that the very wealthy do not suspect exists, or know to exist.

In more detail:


The Bearer Bond Scandals

General Comment

At the outset of our exploration of the “bearer bonds scandals,” and their vast implications, it is important to bear a few principles in mind.

Suppose, for a moment, that someone is the member of a ring of counterfeiters intent— as all counterfeiters are— at making money by using counterfeit bills to buy a small item, and to receive “real” money in change. The technique is simple: the group has counterfeited a small quantity of twenty, fifty, or one hundred dollar bills, and has then used those bills to make small purchases, and receiving change from the cashier. Thus do counterfeiters make money.

This short overview contains within it the three essential methodological assumptions of any counterfeiting scheme:

1) One does not counterfeit something that does not currently exist as a medium of exchange, or that is not convertible into it. For example, it would be pointless to go to all the effort to produce a three dollar bill, for while they were once briefly issued by the Republic of Texas for the brief period of its existence, they are not now legal currency. Similarly one would not produce a four pound bill, or a seven yen bill, for such denominations of currency do not exist. One only counterfeits, or mimics, something real.

2) Similarly, one does not counterfeit five hundred, one thousand, five thousand, or ten thousand dollar bills, for while such denominations are genuine and were in circulation, two reasons would preclude the typical counterfeiting ring from making counterfeits of such large denominations. First, since the whole point of counterfeiting is to gain real currency in change for a transaction in which a counterfeit bill is tendered, normal transactions would preclude the use of large denominations for that reason, and additionally, the general use of such large denominations is not widespread and would attract attention. Large denominations are legal tender and have been circulated, but they are not generally circulated. Their use would draw suspicion. Secondly, large denominations would lie outside the normal affluence of the target group. One would not tender a five hundred dollar bill to purchase a roast and a few vegetables, and expect to get change easily. One only counterfeits what one can reasonably expect to tender in a transaction to a target group, and thus must tailor its counterfeit function to the target’s scale of affluence, and do so without raising suspicion.

3) It follows from the two previous considerations that one must produce a “product” that is of sufficient quality to pass the scrutiny of the target group. One does not go to the expense and effort of producing a fraudulent product that cannot be used because it

a) does not exist, or

b) is too large a denomination to be traded with the target group, or

c) is too poor in quality to be traded. To state the point differently, quality must be sufficiently high to ensure “first sight” acceptance of its authenticity by the target, even though it is not authentic.


b. Special Considerations of Industrial Scale Counterfeiting

The situation changes somewhat when the context is “industrial scale” counterfeiting, as was seen in the previous chapter, for problems of distribution arise that a typical counterfeiting operation does not encounter. Additionally, the situation changes if the target group is to be the very wealthy. In this instance, instruments of very large denominations, usually securities— stocks, bonds, and so on— become the favored vehicle. But a problem arises. The very wealthy will be much more cautious about parting with their (authentic) money, and the higher the denominated value of the counterfeited instrument, the more cautious the target group is likely to be. Additionally, a wealthy target group is likely to be privy to the existence of instruments most ordinary people do not even know exist, and are also able to call upon private intelligence resources to verify information. Nonetheless, the principles remain the same: one does not counterfeit what does not exist, and every effort must be made to present the “product” in as genuine a way as possible. There is, however, at this juncture an important additional consideration: since in this case one is counterfeiting much larger denominated instruments, one can only do so by dint of a similar access to information about various securities that is not generally available to the wider public. Trade in instruments of ten, twenty, fifty, or a hundred million dollars, or half a billion or a billion dollars, occurs at a rarefied level accessible only to a very few, and hence, any counterfeiting done at this level must likewise have access to information about that trade and the instruments traded. But the principle remains:

One does not counterfeit what does not exist.

Or to put that point even more subtly:

One does not counterfeit something that the very wealthy do not suspect exists, or know to exist.

With these thoughts in mind, we may now examine the first of the Bearer Bonds Scandals.



Mon, 03/31/2014 - 14:36 | 4611418 FreeNewEnergy
FreeNewEnergy's picture

$4 trillion. What's the size of the Fed's balance sheet?

Uh, never mind.

Mon, 03/31/2014 - 14:41 | 4611438 I Write Code
I Write Code's picture

Nobody is buying plutonium from Nigerian sources.

Uranium maybe, yellow cake.

Unless it's counterfeit plutonium.

Mon, 03/31/2014 - 15:04 | 4611514 sessinpo
sessinpo's picture

The only real bond that is real is the slavery bond of citizen to government

Mon, 03/31/2014 - 15:43 | 4611631 YHC-FTSE
YHC-FTSE's picture

Since nobody else has said it, WTF! Trillions of dollars?  Really? 

"Italian law does not require arrest for fraud cases".  No need to ask why their economy is in a shit state. They could easily have gotten 10% loan on that collateral and walked off billionaires that afternoon.  It's surreal and comical. 

I see a pattern here. There must be a shed load of these bonds in bank vaults acting as collateral for billions of dollars which have gone walkabout.  Next bank scandal headline to come: "Quadrillions of dollars in bonds kept by banks are fake". 

Mon, 03/31/2014 - 18:26 | 4612135 putaipan
putaipan's picture

you can't conterfiet what doesn't exist.... naw, sorry, i'm more inclined to think they are real and the money that is expected to honor them is fake ... hence the busts. i'll wait on fulford to chime in on this- he's a couple of days late as it is.

Mon, 03/31/2014 - 19:40 | 4612346 YHC-FTSE
YHC-FTSE's picture

I like your theory better than my observation. 

Mon, 03/31/2014 - 18:07 | 4612058 Youri Carma
Mon, 03/31/2014 - 20:23 | 4612444 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

If they're arresting people for creating fake money backed by nothing, why haven't they arrested all the world's central bankers?  They're the biggest counterfeiters.

Mon, 03/31/2014 - 20:34 | 4612465 SweetDoug
SweetDoug's picture




And isn't the real story the story of why these counterfit bonds just dropped out of the headlines?


Whatever happened to that 134 billion in bonds? Who was repsonsible? What were they up to?


That's the story.



Mon, 03/31/2014 - 23:19 | 4612856 chindit13
chindit13's picture

This tale keeps popping up its head because the world continues to produce idiots.

These bonds are like any of the the Nigerian 419 Scams, though this one originated in the Philippines in the early 1980s.  Most everyone in the world is already aware of it, but occasionally some clowns think they are the first ones to hear and that they might be able to fool somebody. 

They should have tried Countrywide around 2005 or maybe Joe Casano's group at AIG.


Tue, 04/01/2014 - 09:04 | 4613438 whidbey-2
whidbey-2's picture

Little new here, but the suggestion that the bonds are genuine But used to hold up The busted banks is appealing.  In any case, this has been the game since central banks started running money.  I worry more about the frontrunning in equities. Is anything real anymore?  Our banks frontrunning? Shocking,not.

Wed, 04/02/2014 - 00:40 | 4616196 Deathstar
Deathstar's picture

............a bernaker Stealth Helicopter perhaps?

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