Posted on 08/13/2020 1:37:26 PM PDT by RightGeek
Sen. Martha McSally, R-Ariz., introduced a resolution Thursday calling on China to repay U.S. bondholders more than $1.6 trillion of sovereign debt, including interest, that pre-dates the country's Communist government.
The measure is co-sponsored by Sen. Marsha Blackburn, R.-Tenn, and a House measure led by Rep. Mark Green, R-Tenn. is forthcoming. Resolutions lack the force of law held by a bill, though they reflect the will of lawmakers.
“China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs,” McSally said. “Well, the abuse ends here. We are holding China accountable for their debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.”
The bonds, which are backed by gold, were issued by the Republic of China as long ago as 1912. The government’s leaders fled to Taiwan following the end of Chairman Mao Zedong’s revolution in 1949. Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors.
British Prime Minister Margaret Thatcher in 1987 ordered Beijing to pay Brits for their holdings or lose access to British capital markets, enticing then-Chinese President Li Xiannian’s government to reach a settlement of 23.5 million British pounds.
By paying some bondholders and not others, Beijing is technically in selective default, according to the ratings of bond-risk firms Moody’s, Standard & Poors and Fitch, and cannot access the international debt market until it pays the remaining holders.
(Excerpt) Read more at foxbusiness.com ...
They claim Taiwan just part of a large extended family—only the one China.
Chinese may have enough grain to go full vegan for a year or so. Not likely enough grain to support pig, chicken, duck, fish, or cattle. I’ve heard there are locusts though! Needs honey? John knows.
This stunt won’t win her votes.
It’s funny; I was thinking the same. If we took gold as payment, it would need to be thoroughly tested. It’s amazing what they’ve been getting away with over there, and the international community seems to give zero fvcks.
It’s depressing. So, so depressing.
The Taiwanese government is the old government...hmm....
For the sake of regime change, howzabout we recognize the Republic of China (Taiwan) as the legitimate government of China? To hell with the commies.
The communist leaders would turn PURPLE with rage if we decided to switch our loyalty to Taiwan, where it belongs. Ready or not, they would have to launch their invasion of Taiwan pronto, into the teeth of our Navy.
Just to frost the cake, let’s call for an election to see where the Chinese people stand on the issue. I’m sure the results would be interesting. And let’s start the balloting in Hong Kong, just for a laugh.
Yeah wow, really tough situation. So NOW is definitely not the time to go to war with China, economically or otherwise?
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