$134 billion in US bonds found in Italy

June 12, 10:07 AMWorld News ExaminerCraig Meister

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The Lake Como border region where the alleged bonds were found

Italy may have just hit the jackpot, while America may have reason to worry.

Two Japanese nationals were detained in northern Italy last week by Italian police. These men were found with "249 U.S. Treasury bonds each worth $500 million, plus 10 Kennedy bonds and other U.S. government securities worth a billion dollar each," according to the International Business Times.

It has yet to be definitively determined whether the loot was real or counterfeit, but if real, and because of Italy's money laundering laws, Italy could stand to earn - sit down - $38 billion in fines!

Yet, this story is not just about Italy potentially hitting the jackpot. It is also about the United States, and the fact that sovereign governments may be trying to dump US treasuries on the black market for fear that they soon will be worth very little. 

If the bonds found are real, they would be the equivalent of more than 20 percent of Japan's treasury holdings.