China is in default on its sovereign debt held by US bondholders. Successive US administrations preferred to bypass this fact, allowing business and trade with China to continue as usual. Now that relations with China have deteriorated, and the People's Republic of China has become the greatest hostile threat to the security of the United States and the West, politicians should reconsider this appalling miscarriage of justice. A bit of history. Until 1949, the government of the Republic of China (KR) issued a large volume of long-term sovereign gold bonds, secured by Chinese...