Wednesday, June 17, 2009 4:56:01 PM
June 17 (Bloomberg
Two Japanese men are detained in Italy after allegedly attempting to take $134 billion worth of U.S. bonds over the border into Switzerland. Details are maddeningly sketchy, so naturally the global rumor mill is kicking into high gear.
http://www.bloomberg.com/apps/news?pid=20601039&sid=a62_boqkurbI
The wierd thing is tarp is worth almost exactly $134 billion
This in my opinion could be Japan exchanging bonds for bullion in switzerland on the sly. Or...
There needs to be a buyer so a more plausible senario is this. The US knows the treasury bond auction will not go well. They need to line up buyers before the auction in order to keep the dollar strong and the bond yields low. The US has Japan over a barrel because they are up to there necks in debt. So they make a deal. Japan will buy more treasury bonds but with FED money. The FED buys back the 134 billion and monetizes it. Japan coninues to buy new treasuries with the cash in a swiss bank account. China buys more bonds because Japan is buying more bonds. China is probably feeling ripped off right now. This will not end well and it could be a WW1 franz ferdinand type event that starts a run on the dollar. The next treasury auction could be a disaster if this
is not resolved.
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