We have all heard of the truckloads of counterfeit U.S. $100 banknotes that the North Korean Kim dynasty manufactured and sluiced through the Macao bank, Banco Delta Asia.
What few of us realize is that the money trail, or fake money trail, leads also to the Macao branch of the Bank of China. In fact the lion’s share of the fake money sloshing around in Macao, and now in the global financial system, in fact passed through the Bank of China.
I very much doubt that Bank of China branch managers have much autonomy, in this or any other activity. The supernotes’ passage through the Bank of China would not have been the sole responsibility of the local manager, which means Bank of China senior management was fully cognizant of the tens of millions of dollars they were dumping into the global financial system.
If the Bank of China is involved so heavily in this, you can be sure many lesser Chinese banks are as well. Not only did China participate actively in North Korea’s dissemination of counterfeit currency into the global financial system, it also conducts its own massive US banknote counterfeiting operations.
We so easily forget that the People’s Republic of China exists as one of the largest clearing houses for criminal activity in the world today, including but not limited to: multiple outstanding WTO violations (not technically criminal), across-the-board subsidies to selected industries, cost-free state loans to export industries, below-cost product dumping in foreign markets, currency counterfeiting, brand-name product counterfeiting, currency manipulation, intellectual property infringement, narcotics and people smuggling, money laundering, the list is endless.
China is a national entity predicated on criminal activity. It is a mafia state. It works to undermine the international system even as it enriches itself at every other nation’s expense.
So the big question is why the Western media are ignoring this. I have no idea.
The more we learn about China’s behavior in the global trading system the more apparent it becomes that China simply has no interest in becoming a responsible participant in the global economy. Presumably this will only change when China undertakes the arduous journey of democratization. Until then all bets are off.
For the present the West is deluding itself to think that the PRC regime will abide by the rules of the international financial and trading system. The Macao currency counterfeiting scam is just the most recent example.