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 ...
This will drive the force of China into invading Taiwan.
and hell will soon freeze over
I can appreciate at least that she’s trying to be unconventional to win.
Easier to get blood out of a turnip.
Not that mainland China does not have the means (they COULD) float some sovereign debt of their own to cover it, paying off that debt over time), but just that they will never do it.
And,uh, not to mention all we did to free their country from the Japanese in WW2.
But something new for Trump to irritate China with....
China: “Sure, here you go. Here’s a stack of U.S. Treasury Bills. That ought to cover it.”
Deal !!
The bad math.....it burns!!!
Why does this silly, hugely inaccurate story keep circulating every few months?
Can't any of these news outlets calculate compound interest?
You take tungsten. Just as heavy and no melt like gold. You take!
Please add...soon to be former senator Mcsally.
She only knows how to do one thing well in politics, and that’s lose big races!!!
Why not just default on America’s debt to China?
"You no get money from China. That debt berong to old China government which rong gone now."
“Why not just default on America’s debt to China?”
China would retaliate by withholding inventory forcing the closure of walmart, target, harbor freight, etc. and tens of thousands of small manufactures in America whose supply chain is sourced from China.
And the lead time to find other suppliers and obtain current levels of inventory would take years.
We’ve put ourselves into a situation where the two choices are a cold turd or warm douche.
They how does the current Chinese government justify reviving far older and less well-founded claims for territory based on prior Chinese governments?
Ordinary Chinese still like the way that in WW II the US effectively beat Japan and then ended the conflict with a couple of nuclear firecrackers. For the Chinese, arguments that the A-bombings might have been avoided are simply a way of suggesting that the Americans were delivering a final good kick to the Japanese for the sake of justice.
Non binding resolution. Yeah, that’ll teach ‘em.
Excellent! I was wondering when someone would push this issue.
A trillion here, a trillion there...
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