Share:

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
Jun 12th, 2012
william s. from Green Valley, AZ signed.
Jun 12th, 2012
James B. from Mesa, AZ signed.
Jun 7th, 2012
Patrici B. from Mesa, AZ signed.
Jun 6th, 2012
Sheila C. from Oceanside, CA signed.
Jun 6th, 2012
Thomas N. from Cortlandt Manor, NY signed.
Jun 5th, 2012
William B. from Springfield, VA signed.
Jun 4th, 2012
Barbara A. from Petersburg, TN signed.
Jun 3rd, 2012
Deb and Tony C. from Palm Harbor, FL signed.
Jun 2nd, 2012
Someone from West Haverstraw, NY signed.
Jun 1st, 2012
Travis B. from Bridgeville, DE signed.
Jun 1st, 2012
david t. from Carrollton, OH signed.
Jun 1st, 2012
Someone from Dunn, NC signed.
Jun 1st, 2012
Val S. from Camano Island, WA signed.
May 31st, 2012
ellie p. from Spring, TX signed.
May 31st, 2012
ellie p. from Spring, TX signed.
May 30th, 2012
Kay R. from Austin, TX signed.
May 30th, 2012
Someone from Phoenix, AZ signed.
May 29th, 2012
Aileen H. from Anchorage, AK writes:
Quotation mark icon
A full accounting is mandatory. The American citizen is sure held to a different standard than other nations. Reel in the spending, demand a budget and stop fleecing the taxpayers to pay for a runaway government without accountability.
May 28th, 2012
Janet F. from Longwood, FL writes:
Quotation mark icon
China owe Americans Millions of dollars based on their investment in China Bonds. They must pay their debt to these deserving individuals who bought these bonds in good faith. China pay your debts that is the right thing to do!!!!!!!!!
May 28th, 2012
Someone from Salisbury, MD signed.
May 28th, 2012
Marshona M. from Roswell, GA signed.
May 28th, 2012
Marvin M. from Seaford, DE signed.
May 27th, 2012
Natalie H. from Mankato, MN signed.
May 26th, 2012
Someone from Titusville, FL signed.
May 23rd, 2012
Audrey B. from Plano, TX signed.
May 23rd, 2012
WILLIAM\"BILL\" M. from Pflugerville, TX signed.
May 20th, 2012
Marsha F. from Carey, OH writes:
Quotation mark icon
The USA needs to go back to IN GOD WE TRUST!! We the people want our country back the government is destroying us.
May 18th, 2012
David D. from Warwick, RI writes:
Quotation mark icon
Being vocal on this issue before everyone else will help you get elected for years to come, never mind the fundraising efforts for standing up for people like me who own millions of dollars of these bonds...Please help us!
May 18th, 2012
Someone from Ione, CA writes:
Quotation mark icon
Why are we not collecting our debt from China! It does not make sense.
May 18th, 2012
Someone from Phoenix, AZ signed.
May 17th, 2012
Robert J. from Dallas, TX signed.
May 17th, 2012
clyde s. from Bush, LA signed.
May 17th, 2012
Virgil S. from Mukilteo, WA signed.
May 17th, 2012
Dominic D. from Bethel, VT signed.
May 17th, 2012
Someone from Redlands, CA writes:
Quotation mark icon
We need the inforcement of the oath of office. If we did they would not be doing that they are doing. You know them by that they are doing and voting for.
May 17th, 2012
Norma P. from Eloy, AZ signed.
May 16th, 2012
Ricard C. from Surprise, AZ signed.
May 16th, 2012
Someone from Fullerton, CA signed.
May 16th, 2012
Paula R. from Bakersfield, CA signed.
May 16th, 2012
Stephen & Anne F. from Poplarville, MS signed.