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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
Mar 25th, 2012
Darold J. from Fairview, OR signed.
Mar 25th, 2012
Someone from San Jose, CA signed.
Mar 25th, 2012
Someone from Ilion, NY writes:
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China needs to pay their bills to the United States before they start asking us to pay them anything.
Mar 24th, 2012
James H. from Alexandria, VA signed.
Mar 24th, 2012
John A. from Cary, NC signed.
Mar 24th, 2012
Kathie W. from Blairsville, GA writes:
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Why CAN'T they pay their debts on those bonds? Everyone else must make good on bonds sold. Why not China?
Mar 24th, 2012
Robert J. from Dallas, TX signed.
Mar 24th, 2012
Glenda S. from Julian, NC signed.
Mar 24th, 2012
Burt J. from Frisco, TX signed.
Mar 24th, 2012
Mrs. Beverly H. from Dawson, GA writes:
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God Bless us
Mar 24th, 2012
Nancy J. from Quincy, WA signed.
Mar 24th, 2012
James K. from New Port Richey, FL signed.
Mar 24th, 2012
Someone from Birmingham, AL signed.
Mar 24th, 2012
Sam L. from Kerrville, TX signed.
Mar 24th, 2012
Jack P. from Sherman, TX writes:
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I say trade debt for debt and reduce the national indebtedness.!
Mar 24th, 2012
Someone from Wolf Point, MT signed.
Mar 24th, 2012
Someone from Ft Mitchell, KY writes:
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China: saber rattlers. What is up with our Congress. Why aren't they demanding this? Or is this how Obama continues to run up our debt, and destroy our country, knowing that they owe us? Children!
Mar 24th, 2012
Nancy L. from Elwood, IL signed.
Mar 24th, 2012
Someone from Ramona, CA signed.
Mar 23rd, 2012
Someone from Greenville, SC signed.
Mar 23rd, 2012
Someone from Ball, LA signed.
Mar 23rd, 2012
francis f. from Pinellas Park, FL signed.
Mar 23rd, 2012
Marion A. from Millington, MI signed.
Mar 23rd, 2012
Terrence O. from Newton, NJ signed.
Mar 23rd, 2012
karleen t. from Lothian, MD signed.
Mar 23rd, 2012
Raymond G. from Cody, WY signed.
Mar 23rd, 2012
Hon. & Mrs. Paul D. from Anaheim, CA signed.
Mar 23rd, 2012
Derek K. from Mayflower, AR signed.
Mar 23rd, 2012
Someone from Tumbling Shoals, AR signed.
Mar 23rd, 2012
Harvey F. from Neptune, NJ signed.
Mar 23rd, 2012
Someone from Littleton, NH signed.
Mar 23rd, 2012
Diane S. from Gurley, AL signed.
Mar 23rd, 2012
Wynton C. from Richmond Hill, GA signed.
Mar 23rd, 2012
Jennie G. from Jackson, TN signed.
Mar 23rd, 2012
Someone from Haines City, FL signed.
Mar 23rd, 2012
Someone from Hermann, MO writes:
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Tell China...When they pay us...we will pay them!
Mar 23rd, 2012
Someone from Portland, OR signed.
Mar 23rd, 2012
Valerie C. from Troy, MT signed.
Mar 23rd, 2012
Maria M. from Jackson, TN signed.
Mar 23rd, 2012
Nellie L. from Big Bear City, CA writes:
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China needs to pay their bills to the United States before they start asking us to pay them anything.