US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle
It’s official: everyone has caught onto the fact that the Asian Infrastructure Investment Bank story is extremely important. We’ve covered this exhaustively over the past month, but to summarize, the China-led development bank essentially marks an epochal shift away from traditionally US-dominated multinational institutions like the IMF and the ADB. Meanwhile, it also represents an implicit attempt by the Chinese to usher in a kind of sino-Monroe Doctrine and solidify their regional — and, to a certain extent their international — ambitions. In a desperate attempt to undermine the effort and preserve what’s left of US hegemony, Washington aggressively lobbied its allies last year to refrain from supporting the effort. Then the UK decided to join calling the bank an “unrivaled opportunity.” That effectively opened the floodgates and in short order, a bevy of Western nations and close US allies suddenly reversed course and indicated they were likely to support the new institution. Here’s more:
- US Attacks “Closest Ally” UK For “Constant Accommodation” With China
- De-Dollarization Accelerates As More Of Washington’s “Allies” Defect To China-Led Bank
- US “Isolated” As Key Ally Japan Considers Joining China-Led Bank
- US Upset At West’s Lack Of War Preparedness
- Treasury Secretary Lew Admits US “International Credibility & Influence Is Being Threatened”
With the deadline for applications fast approaching, news coverage has picked up markedly of late. Here’s Bloomberg for instance:
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