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DESPERATE TRUMP: US wants China to pay for Imperial era debt
DESPERATE TRUMP: US wants China to pay for Imperial era debt
WASHINGTON DC – The United States estimates charging the value of Chinese bonds issued in the early twentieth century during the imperial era. The current values of the bonds exceed US $1 trillion.
At the beginning of the twentieth century, the Chinese imperial government had as one of its objectives to expand the rail network of its country. Without sufficient resources, the Empire decided to issue public bonds to raise funds to afford this critical piece of infrastructure.
In 1949, the imperial government was overthrown, giving way to the Chinese communist revolutionaries. The debts incurred by the previous government were not assumed by the new communist power.
Charging from China
After a century, imperial China’s bondholders are considering demanding from Beijing the updated value of their bonds. Apparently they are not alone in this boat. According to a report by the media agency Bloomberg, the US government is examining the possibility of charging the value of China’s imperial government securities that did not get to be paid at the time.
According to calculations made by bondholders, their value could exceed $1 trillion. The sum was advanced to Bloomberg by Jonna Bianco, one of the leaders of an organization seeking bond payments.
Mitu Gulati, a professor of law at Duke University, USA, said the likelihood of papers being paid is remote, although from a legal standpoint such debts are perfectly valid today.
He explained that although everyone who works for Trump at the Treasury would think it’s crazy, at the legal level these debts are totally valid.
Since 2018, the United States and China have been experiencing a trade war. Washington set tariffs for 25% to 818 products imported from China. The Chinese reaction was reciprocal. The war has generated a climate of financial instability and declines in some stock exchanges. However, as Trump’s trade was has failed to subdue China, it appears he is becoming more and more desperate.
Fort-Russ
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