Last week, a pair of middle-aged Japanese men were caught trying to smuggle a single suitcase into Switzerland that contained bonds representing the world’s 4th largest US debt (more than all of the UK and just short of Russia). One alarming theory was that they were Japanese government agents on mission to dump dollar assets before others realized and joined in, thus devaluing any remaining assets. These were bonds, James Bonds.
American officials confirmed the notes were forgeries, but it has fueled conspiracy theorists and dollar doomsayers – since, well, they would say that, wouldn’t they.
The sheer strangeness of the story is perhaps at least symptomatic of volatile times for the dollar.