CCP Quivering for Demands of Compensation from the U.S.

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Author: Justice After All (正义之师)

Date: 07 May 2020

We found ourselves in a verbal arms race with CCP since Beijing kicked it off with more aggressive than ever propaganda domestic and offshore, denying any liability of their way of handling COVID-19 outbreak. This time the CCP cast a spotlight on U.S. Treasury bonds (T-bonds).

Frightened by the thought that Americans may demand the  U.S. government to hold the Chinese government accountable for their malicious lies and cover-up, CCP jumped the gun and claimed that “if U.S. punishes China by refusing to pay for its national debts to China, it would destroy the credibility of the American dollar and the American financial systems.” The U.S. debt to China was $1.09 trillion through Feb 2020, over 15% of the $7.06 trillion held by foreign countries. 

Interestingly, CCP doesn’t like to talk about the 1 trillion U.S. dollars that it owes U.S. bond holders. In 1913, the government of China issued bonds  for infrastructure work; 1938-1940 the Nationalist government of China issued U.S.-dollar denominated bonds for financing World War II. U.S. government also provided a $500 million credit to China in the form of gold in 1942 to help them stabilize their currency. The successor governments are usually bound by debts of processor governments, but CCP refused to pay the money back to U.S. bond holders.

As the whole nation even the whole world awaits the “conclusive” report linking COVID-19 to Wuhan lab promised by Pres. Trump, Americans are understandably furious at CCP with 1.29 M confirmed cases of COVID-19 and 76,348 death as of 07 May 2020, far worse than the Sep. 11 attack (more than 6,000 injuries and 2,977 casualties), and Pearl Harbor attack (1,143 were wounded and 2,403 were killed), or those two combined. Pres. Trump expressed last Sunday that he had little doubt that CCP misled the world about the scale and risk of the disease; Secretary of State Mr. Pompeo echoed with Pres. Trump by stressing “enormous evidence” shows the outbreak began in Wuhan lab. 

Political pressure is building up to punish CCP as leaders file lawsuits against CCP and legislators initiate bills to allow Americans to sue the CCP in U.S. court (“Stop China-Originated Viral Infectious Disease Act,” which builds on the Foreign Sovereign Immunities Act).

As difficult as it is to have an accurate estimation of the havoc wreaked by CCP, Americans have the right to seek restitution for all the lives lost, irreparable damage to health, economic disruption and human suffering. Where there is a will there is a way. One of the many options is to seize the assets owned by top CCP leadership in U.S.; we can meanwhile sanction specific individuals for violation of specific rights; bringing China to the International Court of Justice joined by our allies; bringing down the Great Firewall of China so that Chinese have a chance to decide if the totalitarian regime is legitimate; evicting CCP from WTO if no meaningful collateral negotiation can be fulfilled under this new circumstance. Rest assured that we will start the long list for holding CCP accountable!

Sources: 

U.S. Department of the Treasury. “Major Foreign Holders of Treasury Securities.” https://ticdata.treasury.gov/Publish/mfh.txt. Accessed 07 May, 2020.

Parker, Richard. “China’s secret? It owes Americans nearly $1 trillion.” The Oregonion. https://www.oregonlive.com/opinion/2012/05/chinas_secret_it_owes_american.html. Accessed 07 May, 2020.

Sobey, Rick.“Coronavirus punishment: Americans could sue China for damages under proposed bill.”Boston Herald. https://www.bostonherald.com/2020/04/26/coronavirus-punishment-americans-could-sue-china-for-damages-under-proposed-bill/. Accessed 07 May, 2020.

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