New Asian infrastructure development bank approves their first loans

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A new Chinese-led development bank has approved its first loans and expects to suffer no impact from Britain’s vote to leave the European Union, the bank’s president said Saturday at its first annual meeting.

The Asian Infrastructure Investment Bank, launched in January with 57 member governments, already has received expressions of interest from possible additional members, said Jin Liqun at a news conference. He said observers from 24 other nations attended the meeting.

The bank reflects China’s rapidly growing financial might and desire for a bigger voice in global finance, which is dominated by the United States and Europe.

Despite initial U.S. opposition, the AIIB attracted unexpectedly wide support from American allies including Britain, France, Australia and South Korea.

Washington and Japan have refrained from seeking membership…

No doubt Obama is happy at least one client state is obedient.

The bank’s board approved a total of $509 million in loans Friday for a power project in Bangladesh, slum-upgrading in Indonesia and road-building in Pakistan and Tajikistan, according to Jin, a former chairman of China’s sovereign wealth fund…

China, the world’s second-largest economy, has the bank’s biggest voting stake with 26 percent of shares and has pledged to put up most of its initial $50 billion in capital but has no veto power. India has the second-largest voting stake at 7.5 percent and Russia is third with 5.9 percent.

“AIIB is owned by all its members,” said Jin. “This is not China’s bank.”

China has chosen not to borrow from the AIIB to avoid “crowding out” other borrowers but might do so in “special cases,” Jin said…

The AIIB initially was seen as a potential rival to the World Bank and Asian Development Bank…But the Asian bank forged cooperative relations with them and pledged to adhere to global standards.

In a reflection of that cooperation, the World Bank contributed to the Indonesia project. Money for the Pakistan project also came from the ADB and the British government. The Tajikistan project is co-financed by the European Bank for Reconstruction and Development.

Golly. Cooperation working somewhere. Which is not a surprise, of course, unless all your news only comes from sources inside the Beltway around Washington, DC.

Brits FAIL at claim that Americans are dumber


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Across the United Kingdom on Friday, Britons mourned their long-cherished right to claim that Americans were significantly dumber than they are.

Luxuriating in the superiority of their intellect over Americans’ has long been a favorite pastime in Britain, surpassing in popularity such games as cricket, darts, and snooker.

But, according to Alistair Dorrinson, a pub owner in North London, British voters have done irreparable damage to the “most enjoyable sport this nation has ever known: namely, treating Americans like idiots.”…

In the face of this startling display of national idiocy, Dorrinson still mustered some of the resilience for which the British people are known. “This is a dark day,” he said. “But I hold out hope that, come November, Americans could become dumber than us once more.”

Between TV Talking Heads too lazy to try their own hand at journalism and white Americans who claim that behaving like racists doesn’t make them racist – I agree. You’ll rarely go broke betting against American ignorance.

Burning house floats away in millennium-class flood


Video in the article

West Virginia’s deadly deluge just took a turn for the apocalyptic. A burning building was swept down a creek after significant flooding in the small town of White Sulphur Springs…

A storm dumped up to nine inches of rain on parts of West Virginia…during a 24-hour period leading up to Thursday night, which set the stage for this alarming vision. The floods prompted a state of emergency in several counties around the state and caused at least four deaths…

You can update that to at least 44 counties and 23 dead.

From Paris to Houston, we’ve witnessed more than the world’s fair share of formidable floods in recent months, from the devastating to the truly surreal…Though it’s hard to pin the blame for any one extreme weather event on climate change, a shifting climate means heavier deluges in some areas and longer dry spells in others. Looks like West Virginia is getting a whole lot of the former.