Wanna Buy Some Treasuries?


Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.

The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,” the prosecutors said.

The U.S. embassy in Rome has examined the securities dated 1934, which had a nominal value of $1 billion apiece, they said in the statement. “Thanks to Italian authorities for the seizure of fictitious bonds for $6 trillion,” the embassy said in a message on Twitter.

Wasn’t there an episode of the Simpsons based around this?

You have to wonder what these guys intended to do with a treasury worth a billion dollars. Who were they going to sell this to? As a friend said on Facebook, were they going to say, “Hey, this is worth $1 billion, but I like you, so I’ll sell it to you for only $200 million.”?

Of course, at the rate we’re issuing debt, $6 trillion in bonds may one day be a standard bar mitzvah present.

Comments are closed.