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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
Jan 23rd, 2012
Ralph T. from Aransas Pass, TX signed.
Jan 23rd, 2012
Someone from West Palm Beach, FL signed.
Jan 23rd, 2012
Dennis F. from Greenwood, IN signed.
Jan 23rd, 2012
Someone from Hurst, TX signed.
Jan 23rd, 2012
Carolyn R. from Blue Springs, MO writes:
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It's time other countries who owe us pay up. Especially China!! Houses, Senate and Obama let's get it done!!
Jan 23rd, 2012
Warren F. from Columbia, MO signed.
Jan 23rd, 2012
Cesar F B. from Miami, FL signed.
Jan 23rd, 2012
Carol P. from Surprise, AZ writes:
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This is a travesty of justice. Do your job; make China pay their debt to us.
Jan 23rd, 2012
Tanya K. from Amesbury, MA signed.
Jan 23rd, 2012
Carmen V. from Mountlake Terrace, WA signed.
Jan 23rd, 2012
Someone from Phoenix, AZ signed.
Jan 23rd, 2012
Brandon B. from Vienna, VA writes:
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Lets get this done. China needs to make good on these bonds and our US Government should make this happen or at the very least make good and take care of the their citizens...
Jan 23rd, 2012
Chuck R. from Cottonwood, AZ signed.
Jan 23rd, 2012
Andy W. from Loyalton, CA writes:
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Stop printing money! Please say NO to another Debt Ceiling Increase! It's time to make fiscal sanity out of this mess! This is just a small step on puting the US back on the road to prosperity
Jan 23rd, 2012
Robert P. from Tustin, CA signed.
Jan 23rd, 2012
Peter and Dolores D. from San Rafael, CA writes:
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The PRC settled its debt owed to the United Kingdom in 1987? It can certainly afford at this time to settle the $750 billion debt owed to the United States.
Jan 23rd, 2012
LaMar H. from Wilmar, AR signed.
Jan 23rd, 2012
Annette and Joe R. from Racine, WI signed.
Jan 23rd, 2012
JOHN P. from La Center, WA writes:
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LETS GET IT DONE. (NOW)
Jan 23rd, 2012
Someone from Greenville, IL writes:
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Congress must DEMAND that the GAO give a FULL accounting of the debt CHINA owes to AMERICA -- And to DEMAND that we WITHHOLD the interest owed China as an offset to the $750 billion THEY owe American citizens! ALSO, Stealing U.S. patents on products contracted to be made by Chinese companies is a very common and corrupt practice. Personally, the Chinese owe me a minimum of $50K plus interest and royalties for the past few years on a product they are now manufacturing and selling worldwide with no royalty payments made to the rightful owners! THEY ARE CORRUPT! You cannot trust the Chinese government nor their manufacturing executives.
Jan 23rd, 2012
Gene W. from Los Angeles, CA writes:
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No reason for China NOT to pay.
Jan 23rd, 2012
james s. from Rochester, NY signed.
Jan 23rd, 2012
Mervin R. from Oldsmar, FL signed.
Jan 23rd, 2012
PATRICK T. from Tucson, AZ signed.
Jan 23rd, 2012
Tommy S. from Saint Charles, MI writes:
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If true make them pay us back
Jan 23rd, 2012
Fran C. from Bellmore, NY signed.
Jan 23rd, 2012
Someone from Mission Hills, CA writes:
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Why sweep this under the rug? This is where politicians and statesmen can show their backbone.
Jan 23rd, 2012
Someone from Olney, MD signed.
Jan 23rd, 2012
A. W. from Slidell, LA signed.
Jan 23rd, 2012
Jesse H. from Albuquerque, NM signed.
Jan 23rd, 2012
Mary G. from Kingman, AZ signed.
Jan 23rd, 2012
Linda W. from Costa Mesa, CA signed.
Jan 23rd, 2012
john d. from Brooklyn, NY signed.
Jan 23rd, 2012
James K. from Findlay, OH signed.
Jan 23rd, 2012
Someone from Cornell, MI signed.
Jan 23rd, 2012
Raymond Z. from Roy, UT signed.
Jan 23rd, 2012
Jim B. from Beaumont, CA signed.
Jan 23rd, 2012
Roy O. from Butler, PA signed.
Jan 23rd, 2012
Someone from Birmingham, AL signed.
Jan 23rd, 2012
Robert P. from El Dorado Hills, CA signed.