Long and thorough analysis by archive researchers of the Majestic 12 (MJ12) leaked documents (dating from 1940-50) seems to have concluded that they are authentic. Researchers do have several documents that are original pages; they permit tests that can not be done with copies, such as (sometimes), see through blacked-out areas and decipher the hidden words. In the movie, they show such a document (just a page) that lists the reasons the government must adopt a policy of "control and denial" regarding UFO intelligence. Only item "d" was completely blacked-out but, I find very interesting, the text that researchers were able to decipher:

 

"d. Monetary and financial institutions would suffer tremendously [illegible]...currency value and industrial and commercial energy providers."

Here are the other reasons, not blacked-out on the visible page of the original document:

a. Public trust of the political institutions may be eroded and possibly be held in disrepute.

b. A complete revisioning make take place among institutions of higher learning, thus calling into question the certainty of scientific knowledge

c. The ability of the Armed Forces to secure National Security would be put in jeopardy and possibly lead to undue public fear and disorder.

d. Monetary and financial institutions would suffer tremendously...currency value and industrial and commercial energy providers.

 

e. History and religion in the political context would probably suffer the most damage causing unprecedented upheaval in social and psychological well-being.

f. Political repercussions may occur in our diplomatic efforts of containing the Communist threat to our democratic interests.
...
Movie: http://www.youtube.com/watch?feature=player_embedded&v=-ZNOoQ0fxLI

"On the day that we do discover that we are not alone, our society may begin to evolve and transform in some incredible and wondrous new ways." - Carl Sagan. May the year of that day be 2012 [Vlad]