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Focal points of the AIIB will be energy, transport, telecommunications, water supply and the environment. It would be stupid for us not to join, as we know about all those things, well, energy maybe on a lesser degree.
I don't even know if we actually have to do anything, or just hand over some money and let Denmark do the bidding.
Looks like Summers believes this to be some sort of defining moment for the USA; according to various blogs, that this is the moment the country lost its superpower status.
I probably wouldn't go that far, but to call it just a diplomatic embarrassment I think would be an understatement.
At the very least, I suspect it heralds sequelae extending decades ahead in global politics.
Looks like Summers believes this to be some sort of defining moment for the USA; according to various blogs, that this is the moment the country lost its superpower status.
I probably wouldn't go that far, but to call it just a diplomatic embarrassment I think would be an understatement.
At the very least, I suspect it heralds sequelae extending decades ahead in global politics.
It is pretty impressive for China, if i understand correctly, i did not expect so many nations to rush over to sign up.
I strongly suspect that part of the attraction is that China had publicly declared that they would voluntarily forgo and relinquish the right of veto power in the AIIB, while still footing the majority of the funding in the AIIB, while the World Bank's funding has an increasing share by other nations other than the US, but the US has insisted on holding the sole rights to veto power, and have used it as a threatening weapon.
It is pretty impressive for China, if i understand correctly, i did not expect so many nations to rush over to sign up.
I strongly suspect that part of the attraction is that China had publicly declared that they would voluntarily forgo and relinquish the right of veto power in the AIIB, while still footing the majority of the funding in the AIIB, while the World Bank's funding has an increasing share by other nations other than the US, but the US has insisted on holding the sole rights to veto power, and have used it as a threatening weapon.
it is hard to step off the throne, isn't it? Like a old king desperately trying to hold on to power. Gone are the days when Nixon got to say "you guys all find a way to appreciate your currency by 30% by this date, I don't care how" and every EU country and Japan had to do what he said, no matter whether it is reasonable or not.
The Japanese PM is in a rage that the country was not able to sign up as a founding country (despite the diplomatic speech about transparency, accountability or whatever). It is just a massive fiasco for Japan. Everyone thought none of the G7 countries was gonna join, then the UK shocked all. I mean, the US will probably be fine even if it doesn't sign up, but what will be an isolated Japan in Asia? It is not like it can physically move across the Pacific and attach itself to North America (it would if it could though).
While it is true the world economic order has changed due to the rise of China that 'wake up' call for the United States really should be one for the West to take heed of when looking at China's economic interests.
Fact is China has arguably no nostalgia for previous ways of organizing the global economic stage. It wants to now impact that to a much greater extent namely calling some of the global economic shots.
But really on another level China has a disdain of Western values. It is a country where the Party suppresses them and keeps a tight rein on the course of intellectual thought. Foreign ideas are threatening even to the extent that textbooks are banned at universities if they promote Western values. At bottom those ideas are subversive to the Chinese state.
No doubt China has become a dynamic economic power but the West needs to be mindful that China's interests are governed with political oppression and repression at home.
Previously, the Chinese and the West got along when it came to dollars and cents. But now it appears the Chinese believe they can really flex their economic muscle moreso now. Perhaps they've really had it with having everything going the West's way. Negotiations look to be more difficult in the future. I think all this really boils down to a question of values previously accepted but now being rejected. Arguably that's a 'wake up' call too and needs to be carefully looked at.
travric, everything you say is true, but what can we do about it? Nothing. The change has to come from inside China itself. Moralising and waving fingers won't do it, as there's not a global force who could put enough pressure on her. So why not close our eyes and try to make some money?
it is hard to step off the throne, isn't it? Like a old king desperately trying to hold on to power. Gone are the days when Nixon got to say "you guys all find a way to appreciate your currency by 30% by this date, I don't care how" and every EU country and Japan had to do what he said, no matter whether it is reasonable or not.
The Japanese PM is in a rage that the country was not able to sign up as a founding country (despite the diplomatic speech about transparency, accountability or whatever). It is just a massive fiasco for Japan. Everyone thought none of the G7 countries was gonna join, then the UK shocked all. I mean, the US will probably be fine even if it doesn't sign up, but what will be an isolated Japan in Asia? It is not like it can physically move across the Pacific and attach itself to North America (it would if it could though).
the AIIB has really exceeded all expectations.
I am not really surprised that Japan did not sign up but I would not say that the Japan PM is in a rage or anything.
I really don't see it as a fisaco for Japan; Japan is not as isolated as it really is; no matter what, it is still an enormous country.
i suspect the China AIIB would play a major role in the funding of the infrastructure of "One belt, One road" : the central asia new silk road and the maritime silk road; this is about the issuing of construction contracts for several thousand kilometeres of super-highways that are probably 12 lanes or more wider; an entire high-speed cargo rail network; hundreds of logistics hub and maritime ports.
However, many countries in the Asia-Pacific nation would still want Japan as a counter-balance force to China; the real interest is to have business opportunities and investment possibilities in China, while accessing the far superior technology (especially weapons technology) of South Korea and Japan.
Aside from countries in Asia and Europe, only 6 countries have joined so far:
Oceania: Australia, New Zealand, transcontinental Indonesia
Africa: Egypt, Malta
Americas: Brazil
it is hard to step off the throne, isn't it? Like a old king desperately trying to hold on to power. Gone are the days when Nixon got to say "you guys all find a way to appreciate your currency by 30% by this date, I don't care how" and every EU country and Japan had to do what he said, no matter whether it is reasonable or not.
The Japanese PM is in a rage that the country was not able to sign up as a founding country (despite the diplomatic speech about transparency, accountability or whatever). It is just a massive fiasco for Japan. Everyone thought none of the G7 countries was gonna join, then the UK shocked all. I mean, the US will probably be fine even if it doesn't sign up, but what will be an isolated Japan in Asia? It is not like it can physically move across the Pacific and attach itself to North America (it would if it could though).
There are many of these organizations in the world. Although the AIIB has a larger initiative, it still doesn't mean Japan's exclusion means it is isolated. It is after all the second largest shareholder or voting power of most major international institutions. Furthermore, the Silk Road project does not really involve or reach Japan anyways.
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