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Tell Congress: GAO must give a FULL accounting of the debt CHINA owes to AMERICA

Congress has to WITHHOLD the interest owed China as an offset to the $750 billion THEY owe American citizens.

From 1900 to 1949 the Chinese Government issued hundreds of millions of dollars in sovereign debt-most notably, a large tranche of £25,000,000 issued at 5 percent in 1913. Backed by the full faith and credit of the Chinese Government, these bonds were sold to investors in the United States, Japan and Europe by international banks, primarily HSBC and Deutsche Bank, and were widely acquired by both banks and governments. The U.S. government holds a substantial portion of these bonds and, like more than 20,000 private U.S. investors, is entitled to remuneration.

When the Communist Party overthrew the government in 1949, the new People's Republic of China (PRC) has selectively refused to recognize or honor the bond obligations of the governments it succeeded. In the case of the debt owed to the United Kingdom, however, the PRC settled its obligations in 1987. Now, they need to settle their obligations to US.

The GAO needs to conduct a complete and accurate inventory of all U.S. Government holdings of all Republic of China sovereign bonds issued between January 1, 1900 and December 31, 1949, whether considered to be in default or not. In an era when sovereign debt obligations are critical, the U.S. Government should recognize ALL of its creditor relationships.

We need to add up exactly what China owes America, and refuse to pay them what they say we owe THEM until they pay US back -- instead of any more increases in our debt ceiling. GAO must give a FULL accounting of the debt CHINA owes to AMERICA. Congress has to WITHHOLD the interest owed China as an offset to the $750 billion THEY owe American citizens.

Public Comments
Mar 22nd, 2012
Jon B. from Reno, NV signed.
Mar 22nd, 2012
Someone from Gainesville, FL writes:
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stand up now.
Mar 22nd, 2012
Someone from Bullhead City, AZ signed.
Mar 22nd, 2012
Stan S. from Cookeville, TN writes:
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Something owed is something due - if there is a way to knock off our debt due to the debt they owe us - take advantage of what we have and lighten the taxpayers load. Time to do the right thing before someone erases the debt on paper and we are left holding the bag.
Mar 22nd, 2012
Someone from Avoca, AR signed.
Mar 22nd, 2012
William M. from Pflugerville, TX signed.
Mar 22nd, 2012
Lisa G. from Goldendale, WA signed.
Mar 22nd, 2012
Michael O. from Erlanger, KY signed.
Mar 22nd, 2012
Someone from Sequim, WA writes:
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WOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mar 22nd, 2012
Fred A. from Santa Monica, CA writes:
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When China was admitted to the WTO I laughed. Anyone with a half a brain knew they would not play by the rules.
Mar 22nd, 2012
Maureen G. from San Jose, CA signed.
Mar 22nd, 2012
Mary G. from Coos Bay, OR signed.
Mar 22nd, 2012
Gilbert V. from Reading, PA signed.
Mar 22nd, 2012
Nick c. from Long Beach, CA writes:
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a fair solution if China owes us money let them forgive our debt equal to the amount of money they own us. That makes China save face and looks like the good guy,ad we in return get our debt ratio lowered. or lets say that offset the interest we owe them with the money they own us.
Mar 22nd, 2012
Someone from Hemet, CA signed.
Mar 22nd, 2012
Penny P. from Glenshaw, PA signed.
Mar 22nd, 2012
clayton d. from Saint Petersburg, FL signed.
Mar 22nd, 2012
Someone from North Miami Beach, FL signed.
Mar 22nd, 2012
Someone from Zumbrota, MN signed.
Mar 22nd, 2012
Someone from Spokane, WA signed.
Mar 22nd, 2012
Elizabeth H. from Palo Cedro, CA signed.
Mar 22nd, 2012
Gary V. from Greeley, CO writes:
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Let us call in all the debts loans that we have with most of the countries of the world, now! We have been good to them now it is time for them to grow up and repay this Christian nation back with $$ not hate!
Mar 22nd, 2012
John O. from Dickinson, TX writes:
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Mar 22nd, 2012
MICHAEL C. from Buena Park, CA signed.
Mar 22nd, 2012
Someone from Oxford, MI signed.
Mar 22nd, 2012
Chere S. from Dayton, NV signed.
Mar 22nd, 2012
Someone from Walled Lake, MI writes:
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boycott chinese made products NOW!
Mar 22nd, 2012
Someone from Prescott, AZ writes:
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Maybe Obama has already collected this money and it's now in his Swiss bank account. Isn't that what a dictator would do?
Mar 22nd, 2012
WILLIAM P. from Ellisville, MS signed.
Mar 22nd, 2012
ALAN N. from Pisgah Forest, NC signed.
Mar 22nd, 2012
Burdella D. from Southwick, MA signed.
Mar 22nd, 2012
Someone from Fenton, MO signed.
Mar 22nd, 2012
AJ A. from Hawthorne, CA signed.
Mar 22nd, 2012
James G. from Phoenix, AZ signed.
Mar 22nd, 2012
terry t. from Redding, CA signed.
Mar 22nd, 2012
Fred A. from Santa Monica, CA writes:
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When China was admitted to the WTO I laughed because anyone with half a brain knew they would not play by the rules.
Mar 22nd, 2012
Someone from Lake Worth, FL signed.
Mar 22nd, 2012
terry t. from Redding, CA signed.
Mar 22nd, 2012
Barry K. from Montrose, CO signed.
Mar 22nd, 2012
James K. from Nanuet, NY signed.