Probably no more or less fraudulent than any other treasury bond or dollar bill for that matter.
When push comes to shove, they're all only worth what the government tells us they're worth.
“Probably no more or less fraudulent than any other treasury bond or dollar bill for that matter.”
The Treasury sells marketable TBills. These TBills are not marketable so they just represent additional government borrowing or money supply creation (more likely money supply creation since there is a limit on the amount of TBills that can be sold). If marketable TBills are not honored, the US government has defaulted. The dollar will plunge at that point. However, I doubt that point will ever occur because the US Treasury can just create dollars. However, external parties will stop buying US debt and devalue the dollar.