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I read through this article, and I think it is too simplistic.
Here are some key shortcomings:
1. Did Taiwan service the debt at all before PRC was recognized in the 1970s? (Probably the answer is no).
2. One Trillion dollar seems like a very simplistic (sensationalist) number. At $2000 per ounce, all the known gold (53000 tons) is worth $3.5 Trillion.
3. Since the 1930s, US courts have invalidated debts in gold, converted them to $35 per ounce.