U.S. Hegemony and Dollar Threatened By New Chinese Bank

Wednesday, April 8, 2015
By Paul Martin

By: GoldCore
Wednesday, 8 April 2015

– Chinese Success in Attracting Major Western Countries to New Bank Marks Beginning of New Era
– Diverse members include UK, Israel, Germany, Australia and Russia and Iran
– Demonstrates the degree to which U.S. global influence is declining
– U.S. needs to reform its approach to IMF and World Bank system if it to successfully reassert its influence
– U.S. “Failure of Strategy and Tactics was a Long Time Coming”
– Beijing’s challenge to post-World War II financial and monetary order
– New bank shows continuing decline of U.S. hegemony and dollar as reserve currency

The success of China in attracting countries traditionally within Washington’s sphere of influence to join its Asian Infrastructure Investment Bank (AIIB), such as the UK, Israel, Australia and Germany, marks another milestone toward a new multi polar world and a new era in international politics and economics.

The AIIB is seen as a potential rival to established lenders the World Bank, IMF and Asian Investment Bank, which are dominated by the United States.

The era of infrastructure investment and multilateral banks and financial institutions controlled, in large part, by Washington – often as an aggressive strategic policy tool – has come to an end. The AIIB which will be controlled by China will compete with the World Bank and the IMF for infrastructure projects and potentially could become a global lender of last resort to sovereign nations such as Greece.

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