China could owe America one trillion dollars

[Ray]

Old news. Why is this raised?

Old news.

Impressive postulations that the world has to depend in China for its economic survival talk about the world and have no option but to talk turkey as per Chinese terms.

And yet...........

And so, a hidden secret, where the Nation the world is dependent on for its survival is but a syster, not spoken about while those magnificent postulations are bandied, becomes new......BIG News!

 

[Ray]

Just had an interesting conversation with my wife. Might be off topic.

If debt can be bequeathed to next successive government, can the same be of the guilt of wrongdoings ? Should present day Britain compensate India for the guilt of colonialism by the old British Empire?......Can present day governments inherit the guilt of governments of yesteryear's? If the concept of justice holds true, where a debt must be repaid, where a wrongdoing must be punished, then, shouldn't we allow it?

Or we should all let bygones be bygones,... guilt, blame, debt and all?

A Legatee regime is the the successor of the legacy.

That is why treaties, boundaries etc etc is the legacy the successor Govt has to carry, even if these are the result of inequal treaties.

Even guilt is carried, but it being abstract, the repayment is abstract.

That is why countries and people demand apologies from those Nations who were guilty.

 

[Yusuf]

So China claims to inherit all sorts of kingdoms right from 12th century if not more to grab land today but does not want to inherit loans that saved its arse.

 

[Ray]

So China claims to inherit all sorts of kingdoms right from 12th century if not more to grab land today but does not want to inherit loans that saved its arse.

That sort of sums up the reality most succinctly.

 

[ice berg]

It is funny to see indians digging up old news. I suggest if you really care so much, write a letter to US supreme court who rejected the appeals. :cool2:
Things must be really bad in India now that you care so much about bonds issued by ROC. Btw ROC stands for Republic of China. Not Peoples republic of China. I know most DFIs dont know the difference.

 

[Kishore032]

This article is so full of technical and legal holes, I don't know where to start.

1. The US continued to recognize The Republic of China (Taiwan) as the legitimate government of China until 1979 and continued to arm Taiwan.
2. The international community - as represented by the UN - also continued to recognize Taiwan as the government of China till 1971 and Taiwan held the status of permanent member till 1971, including Veto rights. So, by definition of any statute of limitations, Taiwan would be responsible party.
3. There is a 1979 agreement between the US and China for a mechanism for settling all claims between the two governments. Here is the latest report from the US government which supports that all these claims have been settled.
3. It was in fact legally tested in the US in the New York federal court. The court threw out the case with two significant rulings.


First, since debt is a state subject and not a federal subject in the US, the court doubted its jurisdiction in this matter and accepted the case only because it dealt with "sovereign debt" but conceded that by being located in New York, it is bound by New York's statute of limitations which is 6 years. The significance of this ruling is that any future suit must be fought in a state court, not a federal court. The state of Kentucky has the longest statute of limitations in the US and that's 18 years. So, this can never be adjudicated in the US.
The case is called Morris vs the People's Republic of China and the full judgment is available here.

Second, the plaintiffs had bought the bonds for a few pennies (several years after the statute of limitations had expired); as such the court found that they have not experienced any serious harm or loss. The significance of this ruling is that the court implicitly agreed that the plaintiffs had no "standing" to sue. This ruling invalidates the argument that Obama, with a stroke of the pen can ask Security & Exchange commission to go after this debt, because the SEC has to represent somebody who has standing with a real grievance as defined by this federal court.

So, this article has little legal merit.

 

[Kishore032]

@jon88 from Malaysia, as pointed out by @ladder, read the forum rules and introduce yourself before posting! Let's here your story and where you come from!

I don't see why this should matter. A request to introduce oneself is fine, but an accusatory "Let's here your story and where you come from!" is not in the spirit of engaging in a rational exchange.

 

[LETHALFORCE]

Why would a good soldier be devoid of conscience and emotion?
I don't think that's a good definition of a good soldier.

A man without a conscience in a battlefield can come close only to mercenary.
@Ray @Kunal Biswas @LETHALFORCE @W.G.Ewald

How do we define a good soldier, is there a definition of the same in Army?

Basically a good soldier is a soldier who obeys orders. Most soldiers are broken down
And taught to act as a part of a team.

 

[LETHALFORCE]

What will happen when china cannot get the money for all the worthless us debt they are holding?
Currently no market for it and us government may not honor it?

 

[Kishore032]

What will happen when china cannot get the money for all the worthless us debt they are holding?
Currently no market for it and us government may not honor it?

Just a couple of months back, the US came very close to defaulting.

 

[nimo_cn]

What will happen when china cannot get the money for all the worthless us debt they are holding?
Currently no market for it and us government may not honor it?

Every country but China is gonna have a party to celebrate the loss of China.

Sent from my HUAWEI T8951 using Tapatalk 2

 

[LETHALFORCE]

Just a couple of months back, the US came very close to defaulting.

And china still continues to buy worthless paper.

 

[bose]

I am amazed that how a country with so high IQ falls for that worthless paper... we must be missing something"¦ somewhere...

 

[Kishore032]

Every country but China is gonna have a party to celebrate the loss of China.

Sent from my HUAWEI T8951 using Tapatalk 2

But the Indian party probably won't have any onions [Guys: this is a joke].