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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 22nd, 2012
Someone from Zephyr Cove, NV signed.
Jan 22nd, 2012
Gary G. from Lubbock, TX signed.
Jan 22nd, 2012
William G. M. from Wilton, NH writes:
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Have the China boys pay their debts. The PRC have been free loaders since their inception.
Jan 22nd, 2012
ROSA D. from Laveen, AZ signed.
Jan 22nd, 2012
Paul S. from Dayton, OH signed.
Jan 22nd, 2012
ralph c. from Tacoma, WA signed.
Jan 22nd, 2012
Bryan H. from Vilonia, AR signed.
Jan 22nd, 2012
Lawrence C. from Fair Lawn, NJ writes:
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Congress: Don't just offset interest, offset the $750 Billion against the principal. Pay down the debt.
Jan 22nd, 2012
verne b. from Phoenix, AZ signed.
Jan 22nd, 2012
ernest b. from Ponte Vedra Beach, FL writes:
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wake up congress or you will be out of a job like millions of our people
Jan 22nd, 2012
Someone from San Jose, CA signed.
Jan 22nd, 2012
Someone from Tularosa, NM signed.
Jan 22nd, 2012
DAN L. from Vancouver, WA signed.
Jan 22nd, 2012
DAN L. from Vancouver, WA signed.
Jan 22nd, 2012
Someone from Syracuse, NY writes:
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Call in ALL debts owed us from every country and wipe out the national debt!
Jan 22nd, 2012
Marina H. from Zillah, WA writes:
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You want to join Ø in raising our debt limit? How about lowering it instead? Why do you allow him to kowtow to the rest of the world instead of supporting AMERICA?
Jan 22nd, 2012
Susan C. from Greenacres, WA signed.
Jan 22nd, 2012
Mark F. from Peck, MI signed.
Jan 22nd, 2012
John C. from Winton, CA signed.
Jan 22nd, 2012
Stephen L. from Phoenix, AZ signed.
Jan 22nd, 2012
Victor S. from Sherburn, MN signed.
Jan 22nd, 2012
Robert F. from Novato, CA signed.
Jan 22nd, 2012
Someone from Pittsburg, CA signed.
Jan 21st, 2012
Bobbye K K. from Giddings, TX signed.
Jan 21st, 2012
Richard O. from Vienna, VA signed.
Jan 21st, 2012
David G. from Mesa, AZ writes:
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You make us pay for your lavish lifestyle -which you do not deserved --at least pay back to the people that made this country great -the American Citizen
Jan 21st, 2012
Derwood H. from Ethel, MO signed.
Jan 21st, 2012
Howard W. from Seattle, WA signed.
Jan 21st, 2012
Brendan C. from Waltham, MA signed.
Jan 21st, 2012
sam m. from Alpine, CA signed.
Jan 21st, 2012
Michael C. from Epping, NH writes:
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This is good and right for the American people, the US government, the US economy, the bondholders and the Chinese...yes, the Chinese! By settling this debt they will be in good standing with the world financial markets. Currently China has good bond ratings, but they are falsely rated and should be rated as "selective default"; the worst rating for sovereign bonds. Congress's support is absolutely critical and necessary to properly serve our country. Please pass the message on to everyone to increase the number of petitions and bring about awareness.
Jan 21st, 2012
JUANITA H. from Spokane, WA writes:
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Make them pay...we pay our debts, why can't they pay theirs...we are softies and don't want to offend anyone; look where that has gotten us!
Jan 21st, 2012
James M. from Mililani, HI writes:
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They paid the same debt to the UK, they insisted the new government of Iraq pay the same sort of debt to them and received it, and now they should pay us, especially as we are paying them now. Fair is fair - or do they have something on us we aren't being told?
Jan 21st, 2012
Bald M. from Mililani, HI writes:
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They paid the same debt to the UK, they insisted the new government of Iraq pay the same sort of debt to them and received it, and now they should pay us, especially as we are paying them now. Fair is fair - or do they have something on us we aren't being told?
Jan 21st, 2012
Kathy S. from Windermere, FL signed.
Jan 21st, 2012
Chad T. from Smyrna, TN writes:
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What the hell are you people doing up in DC??? This should have been handled YESTERDAY!
Jan 21st, 2012
Someone from Township Of Washington, NJ writes:
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This should be deducted from what money we owe to China!
Jan 21st, 2012
Bryan C. from Dover, NH signed.
Jan 21st, 2012
Michael H. from Talent, OR signed.
Jan 21st, 2012
Kevin R. from San Diego, CA signed.