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China splits Asian loyalties with new institution to compete with World Bank
October 25, 2014
9:37 AM MST
In the global proxy war for economic domination, most eyes have been focused on Europe and the West as economic sanctions in 2014 have been primarily fixated against Russia. But on Oct. 24, China added a new wrinkle to this economic Cold War by signing a Memorandum of understanding with 21 nations to form the Asian Infrastructure Investment Bank (AIIB), which will compete directly with the U.S. dominated World Bank.
This new AAIB is the brainchild of a collaboration between China and India, and is bringing on board nearly two dozen Asian economies that wish to function autonomously outside of Western hegemony. And perhaps not ironically, the only major states which chose not to join in this coalition all reside as allies with America, and were likely to have been pressured by the U.S. to abstain from signing this agreement, and legitimize their current loyalties to the dollar and the Western backed global banking system.
China splits Asian loyalties with new institution to compete with World Bank
October 25, 2014
9:37 AM MST
In the global proxy war for economic domination, most eyes have been focused on Europe and the West as economic sanctions in 2014 have been primarily fixated against Russia. But on Oct. 24, China added a new wrinkle to this economic Cold War by signing a Memorandum of understanding with 21 nations to form the Asian Infrastructure Investment Bank (AIIB), which will compete directly with the U.S. dominated World Bank.
This new AAIB is the brainchild of a collaboration between China and India, and is bringing on board nearly two dozen Asian economies that wish to function autonomously outside of Western hegemony. And perhaps not ironically, the only major states which chose not to join in this coalition all reside as allies with America, and were likely to have been pressured by the U.S. to abstain from signing this agreement, and legitimize their current loyalties to the dollar and the Western backed global banking system.
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