Chinese debt to Americans

Okieboy Serial expat

659POSTS

4 years ago

As the Trump administration seeks ways to penalize China for its handling of the COVID-19 pandemic, it need look no further than Tennessee.

The Lewisburg, Tennessee-based American Bondholder Foundation holds $1.6 trillion of century-old Chinese debt, including interest, dating to before the founding of the communist People鈥檚 Republic of China, that it wants the administration's help in redeeming. There is an estimated $6 trillion or more of the debt outstanding worldwide.

The bonds were issued by the Republic of China -- which ousted the imperial government in a coup -- as far back as 1912 and backed by gold; they were defaulted on in 1938. The ROC government fled to Taiwan, where it remains the official ruling body, after Mao Zedong鈥檚 communist party took over following the 1949 end of the revolution.

Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors

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Charles Hendrickson Member

2POSTS

4 years ago

I have been a debt collector in Los Angeles for 54 years and a student of Chinese history.聽 There is no chance of collection.聽 The SOL would likely be a defense if pushed, but you will never be able to enforce the judgment or arbitration even if you win.聽 I had some experience with聽 bonds from a聽 Japanese bank from prior to WWII.聽 You may recall the US Government announced a $100Million(US Dlls) debt that the Russian government owed the US government for various loans and assistance made during WWII, in about 1959.聽

Respectfully submitted,
Chuck

FortuneFavorsTheBold Banned

736POSTS

4 years ago

This, or the $10 trillion that President Trump mentioned, is just a small down payment on what China owes the World. And don't forget that China had help.

Fred Indonesia Expert

30549POSTS

4 years ago

Equally, Taiwan claims to be a legitimate entity, that being tacitly supported by the US.

That in mind, Taiwan should pay back the debt - eeeerrrrrrrr - That's not going to happen because the US government won't do anything that upsets their latest geopolitical plan. However, if it proves politically useful to turn against Taiwan, you can all but guarantee the old debt will turn up on Fox news.

It's politics - A really silly subject and pointless arguing about something you can't do anything about.

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