A billion here, a billion there ?

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I think I'll sell my bearer bonds on Ebay to avoid the 33% Italian tax. Will Italy now be solvent?

Regards, Don

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$134B buys a lot of officials...

With all the resources available for getting that value of bonds across the border, I don't find the 'customs official discovered false-bottomed suitcase' story very credible.

If the bonds belonged to a nation-state with representation in Switzerland, why not just bring them in a diplomatic pouch? If the security of diplomatic pouches is insufficient, why not simply buy off officials? Perhaps an official didn't stay bought and squealed--but nation-states have certainly had people threatened and killed for much smaller amounts of money.

Has anyone found a good intersection between the value of the deal gone wrong and the facts as reported?

For about 0.01% of the

For about 0.01% of the money, they could have dug a tunnel under the Swiss / Italian border with gold plated bathrooms every 100 feet.

"the smugglers seemed intent on being caught"

This article (H/T LRC) suggests that the purpose of the operation was to cast doubt on the US Dollar.

Who would have a motive to undermine the US Dollar?

And who could possibly do so more effectively than the Federal Reserve?