American Bondholders Call for Trump to 'Hold China Accountable' for Nearly 2T in Bonds Owed to Americans
Aimee Herd : Oct 14, 2020
Breaking Christian News
"Settlement of this outstanding debt [owed by China to USA Bond Holders] would be consistent with the rules of international law and immediately provide an enormous economic stimulus into the US economy." -from the American Bondholders Foundation website
China's Sovereign Bonds-The Back Story (Image: Chinese government bond /via American Bondholders Foundation)
Back in 1912, what was then the Republic of China issued bonds to establish their government and infrastructure.
Jonna Bianco-President of the non-profit American Bondholders Foundation (ABF), explains in an interview, "These are bonds, no different from US Treasury Bonds. Look, governments issue long term debt; 30, 40, 50, 60-year-old debt. In fact, China is currently issuing 100-year bonds in Europe right now."
According to reports China borrowed millions using those bonds, which were bought around the world, and by some 20,000 American families. But China stopped paying on the bonds in 1938.
"Just because a regime changes, a government changes," noted Bianco, "doesn't mean that you no longer owe that debt. "The majority of these bonds were due to mature in 1960. The Chinese Communist Party (CCP) has been in charge for a long time, and they defaulted—they refused to pay." (Screengrab image: Jonna Bianco-ABF /via Fox News)
The sum now owed to the American people totals around $1.6 Trillion in gold-backed bonds.
The CCP Paid the UK When Forced
In 1987, UK Prime Minister Margaret Thatcher forced China to make good on their bonds owed.
"Margaret Thatcher, God bless her, she stood up to China," Bianco continued. "They wanted to continue to access their capital market, and she said 'No, you're not going to take another dollar from our people, nor will you get access to our capital market, until you start to pay the defaulted debt you currently owe on your bonds.'
"We've not had any administration in the US stand up to China the way Donald J Trump has ... Now we're saying, 'President Trump, stand up to them, and make them pay their debt to the American people.'"
"...These are defaulted, government-issued sovereign bonds ... that American citizens purchased from Wall Street firms in New York, that China has defaulted [on] and refuses to pay."
An important point noted on the American Bondholders Foundation website is that the "settlement of this outstanding debt would be consistent with the rules of international law and immediately provide an enormous economic stimulus into the US economy."
Something America desperately needs due to the effect of the Chinese coronavirus on its economy.
A Resolution Introduced to Make China Pay
This past summer, US Senators Martha McSally and Marsha Blackburn introduced a resolution demanding that China repay $1.6 trillion in sovereign debt with interest.
Bianco says of Senators McSally and Blackburn, "They're speaking for the American people."
According to the ABF website, "The ABF has personally briefed President Donald Trump as well as key members of his Cabinet and staff on the need for China to play by the rules and honor its obligations. Today, the ABF believes it has President Trump's strong support as we continue to work with his Administration to get this issue resolved."
"Why not hold the responsible party accountable, and that's the Chinese Communist Party," states Bianco. "All this takes is for President Donald J Trump to tell his Treasury Secretary, Steve Mnuchin, to 'do the American Bondholders deal that has been purposed to the administration, for the benefit of all the American people.'" Subscribe for free to Breaking Christian News here
To learn more about the debt in bonds owed by the Chinese Communist Party to America, Click Here.