“If they don’t pay attention, we break both legs next time”
A senior US diplomat said it was up to individual countries to decide on joining a new China-led lending body, as media reports said France, Germany and Italy have agreed to follow Britain’s lead and join the Asian Infrastructure Investment Bank (AIIB).
Accommodation seems to be all that’s left to Obama since threats didn’t work.
A growing number of close allies were ignoring Washington’s pressure to stay out of the institution, the Financial Times reported, in a setback for US foreign policy.
In China the state-owned Xinhua news agency said South Korea, Switzerland and Luxembourg were also considering joining.
The Financial Times, quoting European officials, said the decision by the four countries to become members of the AIIB was a blow for Washington…
The bank is also seen as contributing to the spread of China’s “soft power” in the region, possibly at the expense of the United States.
The AIIB was launched by Beijing in 2014 to spur investment in Asia in transportation, energy, telecommunications and other infrastructure. It is touted as a potential rival to the western-dominated World Bank and the Asian Development Bank.
China said earlier in 2015 that a total of 26 countries had been included as founder members, mostly from Asia and the Middle East. It plans to finalise the articles of agreement by the end of the year…
Obama, the State Department, Congressional clown show members who fancy their foreign policy cred – all joined in to try to prevent this new international funding source from acceptance by our allies. At least those who acquired the title by generally obeying White House orders.
Didn’t work. Didn’t happen.
The bank will be welcome throughout the developing world, throughout the 3rd World. Like Chinese foreign policy it doesn’t come with social strings. The intent is to aid in the building of infrastructure – which means we probably should apply from poor states like New Mexico as a matter of need. We ain’t getting anything from Congress. That’s for sure.
The rap on both the World Bank and the IMF is that they have to answer to conservative voices in the United States and the European Union. Conservative voices not so focussed on the funds as social welfare – which they consider to be at least a mortal sin. Money is doled out through an eyedropper. Proof of reduction in socially productive programs required on a daily basis.
The chuckle is – for a lot of reason including holding a place in line for future exchanges dealing RMB, the Chinese currency, EU nations often the most conservative when criticizing other nation’s social practices – still want to be seen as caring and participating and maybe even profiting from a more open and less-political form of moneylending.
The United States OTOH is “above all that”. So to speak.
Eideard 