From frequent content contributor KAF: Federal Deficit Soars to May Record of $189.7 Billion
D.S. mentioned an interesting piece on the decline of collective net worth, over at Michael Panzner’s blog: The Big Wipeout
Items from The Economatrix with an Emphasis on the Ponte Chiasso Bond Smuggling Case:
2 Japanese Carrying $134 Billion In U.S. Bonds Detained In Italy. “In a suitcase were 249 bonds of the ‘Federal Reserve‘ American in the nominal value of 500 million each, and 10 ‘ bond Kennedy ‘ of the nominal value of $ 1 billion each, in addition to what is described as very original banking documentation.”
New Evidence Pointing to Japan
Update 6/12/09, 19:05 Seizure of US Government Bonds “News about it initially made it to the front page of many Italian papers, but not of the international press. Since yesterday though, some reports have published by English-language news agencies. And some commentators are starting to link the story to reports in US press dating back to 30 March. On that date the US Treasury Department announced that it had about US $134.5 billion left in its financial-rescue fund, the Troubled Asset Relief Program (TARP), whose purpose is to purchase assets and equity to buttress companies in trouble. At the same time, Japan’s Kyodo news agency has reported that the resignation of Japan’s Interior Minister Kunio Hatoyama might also be related to the Ponte Chiasso affair.
Yosano Says Japan’s Trust In US Treasuries “Unshakable” “Japanese Finance Minister Kaoru Yosano said his government is confident about the outlook for U.S. Treasuries, signaling the second-biggest foreign holder of the securities will keep buying them amid record sales.” And, later in the article: “We have complete trust in the fact that the U.S. views its strong-dollar policy as fundamental,” Yosano, 70, said in an interview in Tokyo on June 10 before attending a Group of Eight meeting of finance ministers starting today in Italy. “So our trust in U.S. Treasuries is absolutely unshakable.”