Don’t look now, but Washington just blinked. As we’ve documented exhaustively over the past week, pressure has been building steadily for the US to strike some manner of conciliatory tone towards China with regard to the Asian Infrastructure Investment Bank, a China-led institution aimed at rivaling the US/Japan-backed ADB. Britain’s decision to join China in its new endeavor has prompted a number of Western nations to throw their support behind the bank ahead of the March 31 deadline for membership application. Because the AIIB effectively represents the beginning of the end for US hegemony, the White House has demeaned the effort from its inception questioning the ability of non-G-7 nations to create an institution that can be trusted to operation in accordance with the proper “standards.” Now, with 35 nations set to join as founders, it appears Washington may be set to concede defeat. Here’s more, via WSJ:
The Obama administration, facing defiance by allies that have signed up to support a new Chinese-led infrastructure fund, is proposing the bank work in a partnership with Washington-backed development institutions such as the World Bank.
More @ Zero Hedge
Did you see 60 Minutes tonight? Lesley Stahl did a story on how China now has a monopoly on Rare Earth Metals - it was an astonishing story. She stopped asking questions of how this happened because it happened in 1995 under Bubba Clinton - he is the one that sold out the country, but now everyone is saying that no one knew how important this was at the time. Major Bullocks! They knew exactly what they were doing, and now no one can criticize China or their supply of these vital materials will be withheld.
ReplyDeleteSo, yeah, Obama "blinked" - another big Duh Surprise.
http://thefutoncritic.com/listings/20150320cbs02/
No, but I'm familiar with the story. Par for the course. About the only TV I see is relegated to important things like classic car auctions, old movies and such! :)
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