Reader DJ sets the cat among the pigeons, e-mailing the Hong Kong and Shanghai Banking Corp. asking if HSBC, Banco Delta Asia’s main correspondent partner until September 2005, was part of the web of collusive bankers that David Asher alleged is knowingly passing Supernotes instead of confiscating them, thereby keeping the magnitude of the North... Read More

In my previous post about alleged North Korean counterfeiting, I wrote that the U.S. Secret Service had reported that only $50 million in Supernotes had been seized over the last 15 years. This meager haul provides little evidentiary or logical support for the idea that North Korea was funding its current account deficit through counterfeiting.... Read More

Another nail has been tapped into the coffin of the North Korea Supernote counterfeiting story by McClatchy. Recall Stanley Au’s sworn statement that Banco Delta Asia didn’t come across significant quantities of counterfeit currency in the deposits of North Korean account holders since 1994, the U.S. claim that Pyongyang is faking our currency looks ever... Read More