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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 3rd, 2012
Kevin O. from Tucson, AZ signed.
Mar 3rd, 2012
James K. from Tucson, AZ signed.
Feb 29th, 2012
Donald H. from Omaha, NE signed.
Feb 29th, 2012
Someone from Payson, AZ signed.
Feb 28th, 2012
Angela M. from Glade Hill, VA signed.
Feb 27th, 2012
Pauline E M. from Winterville, GA writes:
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Are these reports true? What can Congress do about this debt and the need for USA to be paid.
Feb 26th, 2012
Someone from Piedmont, SC signed.
Feb 26th, 2012
Carl S. from Avondale, AZ signed.
Feb 26th, 2012
George C. from Peoria, AZ signed.
Feb 25th, 2012
Someone from Pittsburgh, PA writes:
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China sells so much "junk" and inferior products to the U.S.. They tell us we owe them...they owe us much more. Integrity is not one of their strong points!
Feb 25th, 2012
David W. from Mountain Home, ID signed.
Feb 25th, 2012
Joseph M. from Batavia, NY writes:
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""Its time for fiscal accountability.""
Feb 25th, 2012
Gary B. from Springfield, NE signed.
Feb 23rd, 2012
Someone from Van Nuys, CA writes:
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With the many financial challenges our country is experiencing, I am surprised that this is not something that we hear about more often as a possible remedy to our country's debt. I trust that with enough voices, this possible solution could gain the traction needed to bring about a positive change.
Feb 23rd, 2012
FRANKIE S. from Tooele, UT signed.
Feb 22nd, 2012
Mark M. from Humboldt, TN signed.
Feb 22nd, 2012
Laura B. from Niagara Falls, NY signed.
Feb 21st, 2012
Suzi R. from Fort Lauderdale, FL signed.
Feb 20th, 2012
robert l. from Nashville, GA signed.
Feb 20th, 2012
James W. from Ulysses, KS signed.
Feb 20th, 2012
Someone from New Orleans, LA signed.
Feb 20th, 2012
alfred & theresa j. from Middleboro, MA signed.
Feb 20th, 2012
Someone from Salisbury, MA signed.
Feb 18th, 2012
Someone from Bonners Ferry, ID signed.
Feb 18th, 2012
Dom R. from Eau Claire, WI signed.
Feb 18th, 2012
Paul B. from Morganton, GA signed.
Feb 18th, 2012
Terry P. from Hagerstown, MD signed.
Feb 18th, 2012
Todd B. from Aurora, CO signed.
Feb 18th, 2012
James H. from Alexandria, VA signed.
Feb 17th, 2012
Michael G. from Surprise, AZ signed.
Feb 17th, 2012
Douglass R. from Dearborn, MI signed.
Feb 16th, 2012
shirley m. from Phoenix, AZ signed.
Feb 16th, 2012
francisca g. from Deering, ND signed.
Feb 16th, 2012
Someone from Carmichael, CA signed.
Feb 15th, 2012
Michael T. from Rockwall, TX writes:
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An Audit should be done on ALL sovereign relationships for ALL countries to understand the counterbalance of debt. And yes, then the balance should be made complete and we should not pay debt to countries that owe us an equal or greater amount.
Feb 15th, 2012
David D. from Warwick, RI writes:
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Please take a stand and do something so we can end this
Feb 15th, 2012
James M. from Presque Isle, ME signed.
Feb 15th, 2012
Someone from Edinburg, TX writes:
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HONORABLE SENATOR'S MEMBERS OF CONGRESS ,PLEASE DO THE RIGHT THING FOR AND BY AMERICA ,THANK YOU.
Feb 15th, 2012
Someone from Lindale, TX writes:
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Every body wants us to pay them. to loan them money, give them food and fight their wars. They never want to do anything to pay back or help us. I say they don't want to pay us then we don't need to pay them or do anything for them.
Feb 13th, 2012
Torin S. from Edinburgh, IN signed.