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China Mocks G7 As “Gathering Of Debtors”, Warns “Confrontation Will Be A Disaster For Europe”
China Mocks G7 As “Gathering Of Debtors”, Warns “Confrontation Will Be A Disaster For Europe”
Vladimir Putin didn’t get an invite to the Angela Merkel-hosted G7 Summit in Bavaria last week, which means the Russian President not only missed out on two days at the scenic Castle Elmau, but also on lederhosen shopping with US President Barack Obama who, judging from eyewitness accounts and a variety of amusing photo ops, channeled his inner Clark Griswold upon touching down in the Bavarian town of Krun. The G7 isn’t pleased with Russia’s ‘behavior’ in Eastern Europe and so, Moscow has been expelled from the cool kids club until such a time as the Kremlin agrees to uphold Western democratic values.
(Obama in Krun)
But the G7 is an equal opportunity exclusionist which means it’s not just former superpowers that aren’t welcome, but rising superpowers as well, which means you won’t be seeing Xi Jinping at the table either.
But “Big Uncle Xi” (as he is affectionately known in China) likely isn’t losing any sleep because in the eyes of Beijing, the G7 — much like the IMF and the ADB — is a relic of a global economic and political order that is well on its way to obsolescence if it isn’t there already.
(Xi Jinping; illustration: The New Yorker)
The Global Times (which, it should be noted, is owned by the ruling Communist Party’s official newspaper, the People’s Daily) has more on why the G7 is largely irrelevant in the modern world.
Via The Global Times:
The G7 summit concluded in Germany last week. Chinese scholars and media barely showed any interest to this outdated informal institution, except for a Declaration on Maritime Security issued by G7 foreign ministers. The declaration expressed their concerns on “unilateral actions” in the South China Sea, with China as the obvious target.
Judging from the agenda and outcomes of this year’s G7 summit, it has run counter to the global trend of peace, development and cooperation and become mere of a geopolitical tool.
…click on the above link to read the rest of the article…
US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle
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:
…click on the above link to read the rest of the article…
