12:01 GMT06 June 2020
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    China's World Bank: Opportunity or Threat? (57)
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    The era of "Pax Americana" is over, states Wayne Madsen, noting that the transfer of global financial control from Wall Street to the new development banks and institutions of Beijing and Shanghai is a "fait accompli."

    US President Barack Obama's "pivot to Asia" strategy has failed miserably, as America's partners and  longstanding allies rushed to join China's Asian Infrastructure Investment Bank (AIIB), noted Wayne Madsen, an American author and investigative journalist.

    "The multinational rush by Asian and non-Asian countries, many of them longstanding allies and friends of the United States, left the Obama administration bewildered and its "pivot to Asia" a laughing stock," underscored the author.

    It was a real shock for the United States to find out the United Kingdom followed by France, Italy, Spain, Netherlands, and Germany, decided to sign up for the AIIB, turning a deaf ear to Washington's warnings.

    The latest US ally to defy Washington was South Korea. Even "the hopeless and hapless" Australian neocon politician Tony Abbott has shown a lively interest in Beijing's initiative.

    "The mass rush" of America's allies to join the China-led AIIB, prompted US Treasury Secretary Jacob Lew to make a beeline to Beijing. However, this evident "act of desperation" could hardly bear any fruit, the investigative journalist remarked.

    While Jacob Lew was trying to use the waning influence of Wall Street and the City of London to swing the balance in Washington's favor, Chinese president Xi Jinping was welcoming guests at the Boao Forum in Hainan, a viable alternative to the Davos Forum in Switzerland.

    "Instead of hearing lofty speeches from billionaire poltroons like George Soros and members of the Rothschild and Rockefeller banking clans, delegates heard Xi [Jinping] other Chinese leaders put tangible offers of sustained development on the table, including projects ranging from new port facilities in Sri Lanka and Myanmar to high-speed rail lines from China directly to Western Europe and the Middle East," Wayne Madsen emphasized.

    Eventually, global financial control has transferred from Wall Street and City of London to the new development banks and institutions of Beijing and Shanghai, noted the author.

    At the same time, the idea of "seas of peace" and a cooperative security umbrella for Asia voiced by China's President Xi Jinping has eclipsed Obama's military-oriented "pivot to Asia," viewed by the White House as a US-led military build-up in the region.

    Wayne Madsen cited Cambridge University Senior Fellow Martin Jacques, who described Washington's recent dilemma saying: "The Americans have boxed themselves into a corner, increasingly deserted by all and sundry." Washington's offer in the region is military strength, alas, economic power trumps military strength, he added.

    It is clear that the epoch of "Pax Americana" is now over, and "Pax Sinica" is taking its place boosted by the support from the BRICS alliance and China's new partners in the AIIB and New Development Bank, concluded Wayne Madsen.

    The views and opinions expressed in the article do not necessarily reflect those of Sputnik.

    China's World Bank: Opportunity or Threat? (57)
    bank, economy, finance, Asian Infrastructure Investment Bank (AIIB), China, Asia, United States
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