Monetary policy Pinoy style: $2 trillion bonds in open market scam

Using German and Argentinian bonds to solve Philippine debt problems.

Some Filipinos working out of the southern Philippine city of Cagayan de Oro have found an almost perfect way to bail the country out of its $45 billion foreign debt and Ps145 billion $3.08 billion government budget deficit German and Argentinian bonds.

Not only that, they also have US Federal Reserve Bonds and dollar bills as part of their funding sources.

Well, this is almost perfect, except that the Bangko Sentral ng Pilipinas Central Bank of the Philippines is not happy about this group's open market operations.

Combined police, central bank and US Secret Service agents busted this international crime syndicate engaged in trafficking counterfeit currencies, and seized over $2 trillion of fake US...

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