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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
JP G. from Sedalia, CO signed.
Jan 23rd, 2012
James O. from Sherwood, OR signed.
Jan 23rd, 2012
Charles H. from Statesville, NC signed.
Jan 23rd, 2012
Myra L. from Albemarle, NC signed.
Jan 23rd, 2012
Bob B. from Lilburn, GA signed.
Jan 23rd, 2012
marie P. from Kissimmee, FL signed.
Jan 23rd, 2012
Dennis Y. from Dallas, TX writes:
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CHINA has a legal obligation to settle their obligations to USA now in 2012.
Jan 23rd, 2012
Dennis Y. from Dallas, TX writes:
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CHINA has a legal obligation to settle their obligations to USA now in 2012.
Jan 23rd, 2012
Dennis Y. from Dallas, TX writes:
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CHINA has a legal obligation to settle their obligations to USA now in 2012.
Jan 23rd, 2012
Philip M. from Davenport, IA signed.
Jan 23rd, 2012
Elizabeth D. from Fort Lauderdale, FL writes:
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TIT FOR TAT CHINA! YOU DON'T PAY US - WE DON'T PAY YOU.
Jan 23rd, 2012
Paul B. from Mesa, AZ signed.
Jan 23rd, 2012
Sheila K. from Dallas, TX signed.
Jan 23rd, 2012
curtis b. from Lula, GA signed.
Jan 23rd, 2012
Gary T. from Angleton, TX signed.
Jan 23rd, 2012
Nellie L. from Big Bear City, CA signed.
Jan 23rd, 2012
Louise W. from Sparks, NV signed.
Jan 23rd, 2012
John O. from Dickinson, TX signed.
Jan 22nd, 2012
Leon G. from Mount Pleasant, SC writes:
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Weeping...oh, please, please don't do anything to "cross" China. Obama just wants to be "friends." at any cost, as usual. Our administration is pathetically weak and spineless. Deduct what China owes us from what we owe them IMMEDIATELY ---and dump it into our economy. NO debt-ceiling raise this year!
Jan 22nd, 2012
ROY C. from Lebanon, TN signed.
Jan 22nd, 2012
Virgil S. from Edinburg, VA writes:
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Why should the tax payers be paying China , when they leagaly owe the USA. Come on Congress, get some backbone.
Jan 22nd, 2012
John H. from Wadmalaw Island, SC writes:
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Get off your butts and get this done. We will see that our votes reflect your actions.
Jan 22nd, 2012
Dennis B. from Whitehouse, TX signed.
Jan 22nd, 2012
david r. from Colton, CA signed.
Jan 22nd, 2012
Jennifer C. from Philadelphia, PA signed.
Jan 22nd, 2012
Ann R. from Riverside, CA writes:
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Psalm 77:10 (NKJV) And I said, "This is my anguish; but I will remember the years of the right hand of the Most High."
Jan 22nd, 2012
Sharon W. from Plant City, FL signed.
Jan 22nd, 2012
Benjamin W. from Plant City, FL signed.
Jan 22nd, 2012
william m. from Manchester, TN writes:
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get something done please. our country needs it
Jan 22nd, 2012
Someone from Maynard, MA signed.
Jan 22nd, 2012
Collin H. from Marion, MT signed.
Jan 22nd, 2012
Mary E. from Downingtown, PA signed.
Jan 22nd, 2012
JEAN G. from Longwood, FL signed.
Jan 22nd, 2012
James W. from Madison, AL signed.
Jan 22nd, 2012
Dominga D. from Spring Valley, CA signed.
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Frederick B. from Excelsior, MN signed.
Jan 22nd, 2012
Someone from Scottsdale, AZ signed.
Jan 22nd, 2012
robert L. from Cottontown, TN signed.
Jan 22nd, 2012
Kenneth A. from Shepherdsville, KY signed.
Jan 22nd, 2012
Ron T. from Collierville, TN signed.