{"id":6819,"date":"2015-03-25T18:19:39","date_gmt":"2015-03-25T23:19:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6819"},"modified":"2015-03-25T18:19:39","modified_gmt":"2015-03-25T23:19:39","slug":"us-hegemony-dollar-dominance-are-officially-dead-as-china-scores-overwhelming-victory-in-bank-battle","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6819","title":{"rendered":"US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle"},"content":{"rendered":"

US Hegemony, Dollar Dominance Are Officially Dead As China Scores Overwhelming Victory In Bank Battle<\/a><\/h3>\n

It\u2019s official: everyone has caught onto the fact that the Asian Infrastructure Investment Bank story is extremely important. We\u2019ve covered this exhaustively over the past month, but to summarize,\u00a0the 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 \u2014 and, to a certain extent their international \u2014 ambitions.<\/strong>\u00a0In a desperate attempt to undermine the effort and preserve what\u2019s 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 \u201cunrivaled opportunity.\u201d 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\u2019s more:<\/p>\n