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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 21st, 2012
Kevin R. from San Diego, CA signed.
Jan 21st, 2012
Alice B. from Dallas, TX signed.
Jan 21st, 2012
Geoffrey C. from Mercer Island, WA signed.
Jan 21st, 2012
Ron S. from Englewood, CO signed.
Jan 21st, 2012
Someone from Jonesboro, AR signed.
Jan 21st, 2012
ralph m. from Fairhope, PA signed.
Jan 21st, 2012
Darrell S. from Globe, AZ writes:
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Please make China pay us what they owe us. $750 billion too on the 1942 bonds
Jan 21st, 2012
William L. from Oakboro, NC signed.
Jan 21st, 2012
Ralph P. from New Boston, TX signed.
Jan 21st, 2012
Robert S. from Dorset, VT signed.
Jan 21st, 2012
Mary B. from Hallettsville, TX writes:
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Remind China but STOP spending and STOP borrowing!
Jan 21st, 2012
Mary B. from Hallettsville, TX writes:
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Remind China but STOP spending and STOP borrowing!
Jan 21st, 2012
Betty F. from Phoenix, AZ signed.
Jan 21st, 2012
DANNY P. from Lenoir, NC signed.
Jan 21st, 2012
Someone from Logan, UT signed.
Jan 21st, 2012
Clarence F. from Fresno, CA writes:
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Force China to pay us what they have owed us for years before we pay them what they say we owe them. Let's get down to good business for WE THE PEOPLE.
Jan 21st, 2012
Kuang-Chi t. from Oakland, NJ signed.
Jan 21st, 2012
Kuang-Chi t. from Oakland, NJ signed.
Jan 21st, 2012
robert m. from Phoenix, AZ signed.
Jan 21st, 2012
Robert M. from Redding, CA signed.
Jan 21st, 2012
Daniel S. from Chandler, AZ signed.
Jan 21st, 2012
Someone from Greensburg, PA signed.
Jan 21st, 2012
James K. from Bonners Ferry, ID writes:
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Wow! I was concerned about ou National debt. Now it seems that is no longer a big deal. So why have we not pressed the issue?
Jan 21st, 2012
Someone from Hickory, NC signed.
Jan 21st, 2012
Margaret E P. from Colchester, VT signed.
Jan 21st, 2012
Someone from Lacey, WA signed.
Jan 21st, 2012
Douglas & Betty Jo H. from Ellendale, ND writes:
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We have loaned nearly every country money. Now is payback time!
Jan 21st, 2012
Someone from Oklahoma City, OK signed.
Jan 21st, 2012
Someone from Loveland, CO signed.
Jan 21st, 2012
Someone from Loveland, CO signed.
Jan 21st, 2012
Donald D. from Lenoir, NC signed.
Jan 21st, 2012
Someone from Roseville, CA writes:
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When will the US govt get some balls and demand this money?.
Jan 21st, 2012
Claude M. from Kihei, HI signed.
Jan 21st, 2012
Martha M. from Kihei, HI signed.
Jan 21st, 2012
Someone from Grants Pass, OR writes:
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This is outrageous! First the bond purchasers got "stiffed" from any interest or benefit from the bonds. Now the government is not willing to call in China's debt to US, while paying on money we borrowed from them. This puts us on a much mor equal footing and less of a "beggar" position. Use it!
Jan 21st, 2012
Lucinda G. from Playa Del Rey, CA signed.
Jan 21st, 2012
Someone from Seattle, WA signed.
Jan 21st, 2012
Someone from Belfast, ME writes:
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sounds reasonable enough to me! lets do it??!! please reply
Jan 21st, 2012
Someone from Belmont, MI signed.
Jan 21st, 2012
William M. from Pflugerville, TX signed.