History
Bearer bonds have historically been the financial instrument of choice for money laundering, tax evasion, and concealed business transactions in general. In response, new issuances of bearer bonds have been severely curtailed in the United States since 1982.
In the United States all the bearer bonds issued by the US Treasury have matured. They no longer pay interest to the holders. As of May 2009, the approximate amount outstanding is $100 million.
In June 2009, Italian financial police and custom guards seized documents purporting to be US bearer bonds, totalling $134.5 billion. The bonds were in $500 million and $1 billion denominations, although the highest denomination ever issued by the US Treasury was $10,000. It was unclear what the purpose of the fake bonds was; the two men carrying them were not detained after the bonds were seized.
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“Most events recorded in history are more remarkable than important, like eclipses of the sun and moon, by which all are attracted, but whose effects no one takes the trouble to calculate.”
—Henry David Thoreau (1817–1862)
“When the landscape buckles and jerks around, when a dust column of debris rises from the collapse of a block of buildings on bodies that could have been your own, when the staves of history fall awry and the barrel of time bursts apart, some turn to prayer, some to poetry: words in the memory, a stained book carried close to the body, the notebook scribbled by hand—a center of gravity.”
—Adrienne Rich (b. 1929)
“[Men say:] “Don’t you know that we are your natural protectors?” But what is a woman afraid of on a lonely road after dark? The bears and wolves are all gone; there is nothing to be afraid of now but our natural protectors.”
—Frances A. Griffin, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 19, by Susan B. Anthony and Ida Husted Harper (1902)