Noting deep ties between the country’s top trade negotiator and Wall Street banks, ten groups representing millions of Americans are calling on the White House to make public all communications between U.S. Trade Representative Michael Froman and the massive financial institutions that stand to benefit from proposed trade deals. In a letter (pdf) addressed to Froman—lead champion of President Barack Obama’s corporate-friendly …
BRICS and the Fiction of “De-Dollarization”
The financial media as well as segments of the alternative media are pointing to a possible weakening of the US dollar as a global trading currency resulting from the BRICS (Brazil, Russia, India, China, South Africa) initiative. One of the central arguments in this debate on competing World currencies hinges on the BRICS initiative to create a development bank …
A decisive turning point in the crisis of American imperialism
Yesterday was the deadline for countries to sign up as founding members of the China-backed Asia Infrastructure Investment Bank (AIIB). It will go down in history as marking a significant defeat for the global foreign policy and strategic objectives of United States imperialism. Against strenuous opposition from Washington, more than 40 countries have now indicated they want to be part …
China’s Bank & Waning USA Hegemony – JACK RASMUS
Two events occurred last week that mark a further phase in the waning of US global economic hegemony: China introduced its own Economic Development Bank, the ‘Asian Infrastructure Investment Bank’ (AIIB); the IMF simultaneously announced it will decide in May to include the Chinese currency as a global reserve-trading currency alongside the dollar, pound, and euro—an almost certainly ‘done deal’ …
Russia to join China-backed development bank: official
Russia is to sign up to the Chinese-led development bank AIIB, first deputy prime minister Igor Shuvalov said Saturday at an international forum in China, cited by Russian news agencies. “I’d like to inform you that Russian President Vladimir Putin has taken the decision that Russia will participate in the capital of the Asian Infrastructure Investment Bank (AIIB),” Shuvalov said …
US risks epic blunder by treating China as an economic enemy
The United States has handled its economic diplomacy with shocking myopia. The US Treasury’s attempt to cripple the Asian Infrastructure Investment Bank (AIIB) before it gets off the ground is clearly intended to head off China’s ascendancy as a rival financial superpower, whatever the faux-pieties from Washington about standards of “governance”. Such a policy is misguided at every level, evidence …
Washington Misses Bigger Picture of New Chinese Bank
Bibi Netanyahu’s election, persistent violence through much of the Middle East and North Africa, and intensified efforts to forge a nuclear deal between the P5+1 and Iran topped the news here in Washington this week. But a much bigger story in terms of the future order of global politics was taking place in Europe and Beijing. The story was simply …
America’s European “Allies” Desert Obama, Join China-led Infrastructure Bank
It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank …
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