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H. Con. Res. 160, Regarding the endorsement of U.S. citizens' claims for payment by Chinese Government of defaulted Chinese bonds (29 comments ↓)
H. Con. Res. 160 regards the endoresement of U.S. citizens' claims for payment by Chinese Government of defaulted Chinese bonds.
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Visitor Comments
ChevyChelios
Why would anyone vote against this. The only reason I can think of is that the representative or Senator voting against it is in the pocket of the Chinese gov't
Abby
Totally agree! This is a 100% positive for the U.S.
rscott
I have done some research on the ABF,they are donating 50% of any settlement into various charities.They are saying it would be millions..I have to wonder why anyone would say no to this resolution.
Barrett
I think this is great since China announced 2 weeks ago they want to invest 200 to 300 Billion of US Treasury notes into US corporations for equity of stock. We pay 4 to 6 billion per year interest on US Treasury Notes to China. The US Govt has about 400,000 of these China Bonds not counting US citizens holdings that have been in default since 1939. the ABF supposed has over 100 billion worth themselves. Congrats to ABF for American persistence and hope they finally curtail the China Takeover. We can always buy from Phillipines, Indonesia, Thailand etc. But China needs American Companies there for their ingenuity.
James
We will probably find out that the US Government is going to trade their China Bonds against the US Treasury Bonds, dollar for dollar. They must have known about the payoff to England in 1987 and just ran up our credit with China to eat up their bonds since they have defaulted for over 68 years and were worthless. Hurray for USA a pretty slick deal, now obviously all the bonds have great value. Where can I get some of these bonds?
ChevyChelios
Just going out and buying the bonds from a bond collector site or off of Ebay won't make it worth anything. You must be a member of the ABF and have your bonds registered with them unless China comes out publicly like they did with England and say that if you are an American citizen and have these bonds then you can collect. Some day maybe but that is not today.
L.S.B.
This is a win,win for the US and it's citizens. Imagine the tax revenue from this! It's about time someone paid the US what it's owed!
Kudos the the ABF for their peristence.
Me
Talk about cutting off your nose to spite your face... cut off chinese investment and watch interest rates soar...
EugeneW
It is long overdue that China (PRC) is held accountable for their debt obligations to the U.S. goverment and citzens. By this Resolution, Congress is stepping up to the plate is support of our government and its citzens.
JJeanette
China must be stopped from taking advantage of U. S. citizens through the sale of bonds that are not honored. This Resolution will help greatly in stopping this practice.
steveB
Does anyone know the reason the chinese give for non-payment?
Claude
The reason for non-payment from China is that there has been a "new" regime since the bonds were issued. China says that they won't pay because it wasn't from the existing government. That's interesting because just before the US went into Iraq etc. China ran to the WTO and had them draft up protection for China's financial interests as they knew that Saddam was going to be overthrown and a "new" regime would follow. So China protected their financial interests so why can't US citizens that purchased bonds many years ago. What works for China should work for the US...
TJ
Take a look at this...right off the presses. This really explains what's been going on. It's time to take America back and hold other countries accountable for their debts to US citizens. Click on this link: http://www.washingtontimes.com/article/20070626/COMMENTARY03/106260001/1008
B
Looking to buy some of these bonds now. Can see that this is probably a good opportunity that may payoff sooner than retirement and social security. Anyone know where I can get some of the bonds and how to get involved in ABF email me at bfinnegan39@hotmail.com please.
gm
The Chinese initially said that regime change was the reason for their failure to honor this historical debt. The WTO and World Bank have consistently rejected this duplicity and apparently, so have the Chinese, as they have already settled with other countries holding the same bonds.
TJ
The Chinese had to honor their debt with British citizens as Margaret Thatcher wouldn't do business with them until they had. China needs to do the same with US citizens. Call your congressmen/women and tell them to sign the resolution and make them pay! US citizens are tired of funding other countries and getting nothing in return for their "good faith" investments.
Bailey
The Chinese are heavy investors in the United States, before blindly considering this a good bill one should consider the actual amount owed versus the damage that would be done to the American economy if China was withheld from our markets. What initially looks like a win for us good have far more serious consequences.
TommyC
As China matures into a world superpower it must play by the same rules we play by. If they wish to be treated with respect then they must act in an honorable manner and pay this debt. Giving China a pass on this debt sets a dangerous precedent. People/countries treat you the way you allow them to treat you. I am glad the US is finally taking a stand on this debt issue and holding China accountable.
Tbone
An informative site -
http://www.globalsecuritieswatch.org/
Dave
I really hope that Congress holds China responsible for their unpaid debts. This is nothing but good for the U.S.
Glenn Little
Sorry kids- Even though some of the bonds still trade on the Paris Exchange and there is a group in Europe still trying to collect- the chances are slim. There are hundreds of bond issues that become valueless as governments change throughout the world. The Chinese paid the English almost nothing- actually were paid from funds already in English accounts.
If you will review the history you will better understand why the Chinese do not feel any great drive to pay. As I see it; unless there is an economic reason that will benefit them- forget it and frame the things.
gonner
When can I find informaton on the British settlement of 1987 that is referenced by the ABF?
ChevyChelios
Glenn Little, you should frame whatever he has. You have no idea what's going on. By the way the English were paid $ for $ on the bonds. The Chinese Gov't started the Salt Fund when they issued these bonds with the soul purpose of using that Salt fund to pay back the bonds. The money is still in the fund and growing. The Chinese should release it.
Convert D
This is a good resolution for the transparency of economy
RogeR
Every Senator should support this bill now
Vincent
Every Senator should support this bill now
rocheze
"Stop concealing the fact that China is in default".
Jay
People get treated the way they let other people treat them. The same principle applies to nations: permissiveness inevitably leads to appeasement, and so this legislation is long overdue. I work in (and have friends in) the television news industry. We are watching this to see who on the Hill is in Wall Street and China's pocket, and who is protecting the interests of American citizens.
Lloyd
It is unbelievable that United States taxpayers pay China $40 billion each year in interest payments on U.S. government bonds held by China, yet China refuses to repay its government bonds held by Americans.....and the U.S. Executive Branch grants China an exemption from international law in order to protect Wall Street bonuses. This is treason.