Comments on: Memories May Fade, But Fine Print Doesn’t

China Still Owes Billions Of Dollars In Unpaid Bonds To 15,000 U.S. Families

[rgrxx175]

oh great just remind china how much money we owe them

[amazedd]

Could the Government buy, or bid for, said debt from the people and then collect it from the Chinese; by deducting it from it''s own Chinese IOU''s? Win-win, like, see?

[pdchapin]

Basic concept in contract law is that there must be an agreement between the parties. No agreement, no binding contract. The current government of China never agreed. The successor clause is as meaningless as a person taking out a loan that indebted his children. International agreements are different but I haven''t seen anything here from anybody who actually knows whether they have a legal case of not.

[fedup_w_pols-2009]

Wow what a shocker a Communist country not wanting to pay up. I don''t know why anyone would be surprised about this. After all China is the main country in all the world known for reverse engineering everything they make from others patents and products only to make substandard clones to then sell back into those same markets. The ignore patent laws and copyrights as well. If big pharma has a hard time getting the Feds to make China stop counterfitting their drugs after all they pay the politicians I wouldn''t hold my breath hoping for help reclaiming your money. Unless of course your in the politicians pocket like Pharma.

[forthepeopl1]

Today, the families plan to show a House Foreign Affairs subcommittee the ornate bonds and the fine print that says in four languages that the debt is binding %u201Cupon the Government of the Republic of China and its successors.%u201D

[liberalme]

The USA should deduct it off our bill,if we owe the Chinese anything ?
Posted by beehive21 at 12:46 PM : Jul 17, 2008

How is the US government entitled to any of that money?

These people are looking for help from our government, but with no money attached, the government won''t do a thing---these people will have better luck at winning the lottery than getting "free" help from the government.

[lemonskink]

Congress can''t do a thing for these people, because Congress can''t or won''t impeach the criminals of this administration who''ve been hell-bent on destroying America for their own personal gain. There is no doubt in my mind that the house must be cleaned from the top to the bottom of the vermin. It''s time to start over folks.

[jjp735i]

People turning to Congress for help? Unless you are "special interest" with money in hand, your wasting your time. We don''t have a Congress any more. We have the House of Greed and the people are not welcome with out cash in hand.

[beehive21-2009]

The USA should deduct it off our bill,if we owe the Chinese anything ?

[missingamerica]

It does provide us with a solution to our own debt crisis, though.

We simply designate one day - May 1st might be appropriate - where we declare the United States to be a Communist nation and renounce all of our debts.

Oh, and spend like friggin'' madmen on that day, because we can declare ourselves to be a Democracy on May 2nd and renounce those debts, too!

[rgrxx175]

is that the same thing as collecting from your bookie that owes you $100 but you owe him $10,000 in other bets...

[missingamerica]

Now here is an exercise in

"Gee, I know that most of the Congress and the entire Administration is owned by corporate interests who in no way, shape or form will do anything that might jeopardize the profits that come from good trade relations with China, but I think I will bash my head against that brick wall anyway."

[blessed1959]

harp1963

you are hilarious!!!! you will have nothing to talk about when bush is out of office!!! I bet you blame him for your pitiful lot in life and of course, 9/11 and Hurricane Katrina...

[libo_nazi]

I would be LMAO at the utter irony of this, if it didn''''t look like these *** morons weren''''t engaging more U.S. taxpayer money and what freaking little clout we have left in this world poking a stick at a nation who owns so much of our debt and economy it hurts, from the land of debt defaulters and @$$wipes trying to collect $250 BILLION dollars on some twenty cent bonds purchased from a pre-communist China.

Posted by prometheus41 at 12:34 PM : Jul 17, 2008

Yeah really. Thanks Barry Saddam Obama!

[pat1967-2009]

260 billion would work out to over 17 million each. How much were these bonds worth in 1939? $10,000 at 5% over 70 years would only be $304,264.


15000 families, not 15000 bonds. I would guess there were many, many more bonds than 15000.

[kennedy7955]

"260 billion would work out to over 17 million each. How much were these bonds worth in 1939? $10,000 at 5% over 70 years would only be $304,264. Posted by PVperson"

It is an interesting question you pose as your math is correct.

[forthepeopl1]

NEED TO NUKE THEM ANYWAYS

[forthepeopl1]

Today, the families plan to show a House Foreign Affairs subcommittee the ornate bonds and the fine print that says in four languages that the debt is binding

# 1

%u201Cupon the Government of the Republic of China and its successors.%u201D


SUCCESSORS - THATS ALL THEY NEED!!!! TO PROVE THEY OWE THEM THE MONEY.

[libo_nazi]

We should pay it back right now when the dollar is at a low. Think about it, if the dollar is only worth half of what it was when the money was borrowed we will be getting away with only paying back half of what we really owe. how pissed off do you think it would make China if we pay them back with de-valued dollars, and then within a month or two the dollar rises in value to it''''s former worth?
Then we can cut off all imports of chinese goods and ruin thier economy. They are the enemy and the more of their people in poverty the more of a burden there is on the govt'''', and that is good for us.

Posted by getoffmine at 12:21 PM : Jul 17, 2008

Nah, even the dollar is worth too much for that still. We should pay then back in crappy fireworks, cheap plastic toys, and Walmart managers!

[forthepeopl1]

Fannie and Freddie shares have declined by about 80 percent this year. The slump in the two mortgage agencies has sparked a new catchphrase -- ``Too Chinese to Fail'''''''' -- based on the $974 billion of U.S. agency debt held by foreign investors, a fivefold increase since 2003.

Financial markets and U.S. legislators alike have derided U.S. Treasury Secretary Henry Paulson''''s plan to bail out the mortgage lenders. One of the two key elements is illogical, while the second is plain outrageous.

Just last week, Fannie Mae said it ``has access to ample sources of liquidity, including access to the debt markets.'''''''' Freddie Mac said it was ``adequately capitalized, highly liquid and an essential part of the nation''''s housing system.'''''''' Either they are being economical with the truth, or the decision to let them borrow from the Federal Reserve''''s discount facility is window-dressing that serves no real purpose.

Defending the Indefensible

Worse is the scheme to allow Paulson to dip into the nation''''s tax revenue to purchase shares in Fannie and Freddie -- shares that investors have already deemed to be almost worthless. If the mortgage lenders can''''t survive in their current form, the government shouldn''''t be defending the indefensible.

In April, Standard & Poor''''s said the risk that the U.S. would have to prop up its so-called Government Sponsored Enterprises posed a bigger threat to the country''''s AAA rating than its willingness to underwrite securities firms.