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South Korea, one of America's closest friends in Asia, announced Thursday it will join the Asian Infrastructure Investment Bank, or AIIB, which is intended to help finance construction of roads and other infrastructure. Beijing has pledged to put up most of the initial $50 billion in capital for the bank, which is expected to be set up by year's end.
The U.S. has expressed concern the new bank will allow looser lending standards for the environment, labor rights and financial transparency, undercutting the World Bank, where the U.S. has the most clout, and the Asian Development Bank, where it is the second-largest shareholder after Japan.
But since Britain broke with Washington two weeks ago and announced it was signing up for the AIIB, the floodgates have opened. France, Germany, Italy and Switzerland quickly followed. On Wednesday, Prime Minister Tony Abbott heavily hinted Australia would also join.
While Japan, which has tense relations with China, is still holding out, the Obama administration appears increasingly at odds with sentiment in the very region where it has striven to forge closer ties for the past five years. India and all 10 members of Southeast Asia's regional bloc are among the more than 30 governments that have so far sought to join the bank before a March 31 deadline.
German Finance Minister Wolfgang Schaeuble stated, "We want to contribute our long-standing experience with international financial institutions to the creation of the new bank by setting high standards and helping the bank to get a high international reputation."[
originally posted by: hopenotfeariswhatweneed
a reply to: Jonjonj
It would be a strange world indeed where the major military power were not the major monetary or political power, wouldn't it?
I suspect 1 word would cover that scenario....WAR !