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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
Maureen G. from San Jose, CA signed.
Jan 23rd, 2012
Timothy B. from Babson Park, FL signed.
Jan 23rd, 2012
Robert V. from Hickory, NC signed.
Jan 23rd, 2012
Gary S. from Lafayette, CA writes:
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Why hasn't our government already acted on this?
Jan 23rd, 2012
James K. from El Dorado, KS signed.
Jan 23rd, 2012
Mark M. from Orlando, FL signed.
Jan 23rd, 2012
Herbert S. from Eagle Point, OR signed.
Jan 23rd, 2012
Jeff B. from Burlington, NC signed.
Jan 23rd, 2012
Bruce S. from Sussex, WI signed.
Jan 23rd, 2012
Roger T. from Mission, KS signed.
Jan 23rd, 2012
Cynthia H. from Brighton, CO signed.
Jan 23rd, 2012
Dean L. from Rancho Cucamonga, CA writes:
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Who knew!
Jan 23rd, 2012
B. A. B. from Liberty, TX writes:
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Is this true? Why has it just come to our attention?
Jan 23rd, 2012
Someone from Olathe, KS signed.
Jan 23rd, 2012
SANDRA G. from Newport, KY writes:
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IF CHINA OWES US MONEY, MAKE THEM PAY UP SO WE DON'T GET FURTHER IN DEBT TO THEM. THANKS
Jan 23rd, 2012
CLIFFORD H. G. from New Milford, NJ writes:
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STOP ALL BUSINESS WITH CHINA UNTIL WE GET A COMMITTMENT FROM THEM TO PAY US OUR MONEY.
Jan 23rd, 2012
Cliff S. from San Martin, CA signed.
Jan 23rd, 2012
Salvatore B. from Jackson, CA signed.
Jan 23rd, 2012
Lorraine S. from Arlington, WA writes:
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Why has this just come to our attention? Who is responsible?
Jan 23rd, 2012
Kevin R. from San Diego, CA writes:
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SHOW ME THE MONEY- 750 BILLION DOLLARS THAT IS!!!
Jan 23rd, 2012
Someone from Gettysburg, PA signed.
Jan 23rd, 2012
Lance N. from Phoenix, AZ signed.
Jan 23rd, 2012
Clyde M. from Fernandina Beach, FL signed.
Jan 23rd, 2012
Kathy E. from Peoria, AZ writes:
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Let's do this now before we become a third world country!
Jan 23rd, 2012
Adam B. from Rapid City, SD signed.
Jan 23rd, 2012
Denise H. from Washingtonville, NY signed.
Jan 23rd, 2012
Gregory P. from Boca Raton, FL writes:
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Come on now, no one would run their household like this let alone a business. The government should know this. Is our Congress asleep? I will remember this when I go to the polls and/or talk amongst my influential friends. Take action now!
Jan 23rd, 2012
Frederick B. from Port Charlotte, FL writes:
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Its about time for accountability in all government actions. Here is one for you to act on.
Jan 23rd, 2012
Richard L. from Ridgewood, NY signed.
Jan 23rd, 2012
Sean L. from Peachtree City, GA signed.
Jan 23rd, 2012
Ron C. from Gray, ME signed.
Jan 23rd, 2012
Robert M. from Rio Grande, NJ writes:
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Enough SPENDING cut the FEDERAL GOVERNMENT NOW!!
Jan 23rd, 2012
Jay C. from Seabrook, TX signed.
Jan 23rd, 2012
Rene T. from Maryville, TN signed.
Jan 23rd, 2012
Jerry D. from Chandler, AZ writes:
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where's the transparency ???
Jan 23rd, 2012
JOSEPH P. from Winter Haven, FL signed.
Jan 23rd, 2012
Hank P. from Leland, NC signed.
Jan 23rd, 2012
Samuel L. from Maineville, OH signed.
Jan 23rd, 2012
Kevin R. from San Diego, CA writes:
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SHOW ME THE MONEY- 750 BILLION DOLLARS THAT IS!!!
Jan 23rd, 2012
Lawrence S. from Scottsdale, AZ signed.