Major American Allies Ignore U.S. Pleas and Join China’s Development Bank

[marmar]

via Naked Capitalism:


Major American Allies Ignore U.S. Pleas and Join China’s Development Bank
Posted on March 17, 2015 by Yves Smith


Yves here. The lead story at the Financial Times, Europeans defy US to join China-led bank, updates this post. Key sections:

France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution…

The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank…

The AIIB, which was formally launched by Chinese President Xi Jinping last year, is one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence. It has become a central issue in the growing contest between China and the US over who will define the economic and trade rules in Asia over the coming decades…

Britain hopes to establish itself as the number one destination for Chinese investment and UK officials were unrepentant. One suggested that the White House criticism of Britain was a case of sour grapes: “They couldn’t have got congressional approval to join the AIIB, even if they wanted to.”

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http://www.nakedcapitalism.com/2015/03/major-american-allies-ignore-u-s-pleas-and-join-chinas-development-bank.html

[TreasonousBastard]

1. China is open for business. The US talks about being open for business...

but has been fucking it up for a while now.

Other nations notice these things.