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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
Kevin R. from San Diego, CA signed.
Mar 22nd, 2012
Someone from Manorville, NY signed.
Mar 22nd, 2012
Glenroy S. from Rosedale, MD signed.
Mar 22nd, 2012
Janice T. from Escanaba, MI signed.
Mar 22nd, 2012
Richard K. from Sparks, NV writes:
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Obama needs to collect the debt that other countries owe us, and start taking care of THIS country. Also, the solution is not to raise the debt ceiling, but for the government to live within its means, like us taxpayers have to do.
Mar 22nd, 2012
Ray S. from Parker, AZ signed.
Mar 22nd, 2012
Larine J. from Trinity, TX writes:
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Stop paying our debt to China until they pay off these outstanding debts to our citizens.
Mar 22nd, 2012
Stephanie B. from Pompano Beach, FL signed.
Mar 22nd, 2012
Someone from Lake Forest, CA signed.
Mar 22nd, 2012
Robert S. from Fort Lauderdale, FL signed.
Mar 22nd, 2012
Jeffrey V. from Alton, IL signed.
Mar 22nd, 2012
Edward H. from El Cajon, CA writes:
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Get off your*****politician's and demand that China pay us back.
Mar 22nd, 2012
GWEN B. from Big Stone City, SD signed.
Mar 22nd, 2012
David and Pat T. from Amarillo, TX writes:
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Whats new we years but goverment doesn't do anything about it
Mar 22nd, 2012
Jean Y. from Milford, DE signed.
Mar 22nd, 2012
Lyle R. from Hugo, MN signed.
Mar 22nd, 2012
Preston M. from Roswell, NM signed.
Mar 22nd, 2012
Someone from Hardy, VA writes:
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This is disturbing news! Why is the USA not solving it's own problems when solutions are available. It's always... "do it the easy" but not best way. We need to stop raising debt ceiling right now! Collect our debt from China - what's the problem - I would like to know!
Mar 22nd, 2012
Harvey P. from Beaverton, OR signed.
Mar 22nd, 2012
Someone from Mansfield, TX signed.
Mar 22nd, 2012
Julia S. from Redford, MI signed.
Mar 22nd, 2012
Someone from Hamtramck, MI signed.
Mar 22nd, 2012
ALAN B. from Rutherfordton, NC signed.
Mar 22nd, 2012
Kenneth C. from Columbus, OH signed.
Mar 22nd, 2012
LaMar H. from Wilmar, AR signed.
Mar 22nd, 2012
Gene P. from Burke, VA signed.
Mar 22nd, 2012
Benjamin L. from Rocky Mount, MO signed.
Mar 22nd, 2012
Brad H. from Torrance, CA signed.
Mar 22nd, 2012
Someone from Fort Worth, TX signed.
Mar 22nd, 2012
David T. from Covington, LA signed.
Mar 22nd, 2012
paul f. from Albion, NY writes:
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collect now
Mar 22nd, 2012
Weston & Patricia B. from Lamar, MO writes:
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Please look into this & take appropriate action. We will be awaiting your actions
Mar 22nd, 2012
Mary T. from Covington, LA signed.
Mar 22nd, 2012
Roman M. from Moreno Valley, CA signed.
Mar 22nd, 2012
Barbara S. from Nuevo, CA writes:
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Do not raise debt ceiling. Deuct their debt from what we owe them. That is the only way we will get that money back.
Mar 22nd, 2012
Betty H. from Hallwood, VA writes:
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If this is really true, something MUST be done to collect it.. Do you know the actual incident and why it has not been repaid? Please reply to me? Thank You.
Mar 22nd, 2012
Alger M. from Oregon City, OR signed.
Mar 22nd, 2012
Carlo R. from Becker, MN signed.
Mar 22nd, 2012
RC R. from Hollywood, FL signed.
Mar 22nd, 2012
Someone from Spokane, WA signed.