Obama Wants $1 TRILLION Debt Ceiling Hike -- But We Can Get That From CHINA Right Now... No Debt Limit Increase Needed!

YOU READ THAT RIGHT -- China owes the United States nearly ONE TRILLION DOLLARS from bonds they sold to US decades ago!

Everyone always goes on about how much WE owe to CHINA -- but they've conveniently forgotten the fact that China owes US so much money!

THAT MEANS WE DO NOT NEED TO RAISE THE DEBT CEILING -- WE JUST NEED TO WITHHOLD OUR DEBT PAYMENTS TO CHINA!

CLICK HERE to send Blast Faxes to EVERY SINGLE U.S. SENATOR AND REPRESENTATIVE, to tell Congress to DEMAND that the GAO give a FULL accounting of the debt CHINA owes to AMERICA -- And to DEMAND that we WITHHOLD the interest owed China as an offset to the $750 billion THEY owe American citizens!

You probably haven't heard about the fact that China owes billions to US -- or the fact that they have refused to pay what they owe.

IT'S TRUE. As Fox News has reported:

Many decades ago, China sold sovereign bonds worldwide to investors in many nations. They sold tens of thousands of these bonds on U.S. soil to American citizens on the recommendation of our government, indicating it was a solid investment. Over the last sixty years, China has refused to pay to these bondholders either the principal or interest on these full faith and credit sovereign bonds.

China argues that because these bonds were issued by a former administration or regime, the Republic of China, today's China should not have to honor them. Does this mean that every time the United States changes presidents, we no longer have to honor the interest and principal payments to all who purchased U.S. Treasuries during the previous Administration? Can an incoming president simply refuse to honor any contracts or treaties approved by his or her predecessor?

OF COURSE NOT. In fact, China's position is in direct violation of the Successor Government Doctrine of International Law.

Under international law as it has been understood for centuries, successor governments, no matter the circumstances of the establishment of a new government, whether by revolution or civil war, must pay the sovereign debt incurred by its predecessor. But currently, the People's Republic of China owes a debt of over $750 billion to American citizens who are holding these full faith and credit sovereign bonds (many of them denominated in gold) sold to them by the Republic of China. Worldwide, the debt China owes to all bondholders is estimated to be several trillion dollars.