by Phil T Looker
Forgive us a little self indulgent gloating, after all it was back in 2005, way ahead of the other contenders, we told you that moves were under way in the east to dump the US dollar as global reserve currency. That was when China, Russia and Iran abandoned the Petrodollar and started to trade in the currency of the vendor nation.
Our mate Ian had spotted the vulnerability of the US dollar and wrote about a move made by the old Iraqi tyrant Saddam Hussein in the 1990s, that showed the way.
Since then, here and on Little Nicky Machiavelli as well as at The Daily Stirrer we have reported the gradual erosion of the US grip on world trade as American international bullying and worries about their debt saw support for the Petrodollar steadily eroded.
And now from The Australian Financial Review via Zero Hedge, we have this:
US Officially Loses Battle Over China-Led Investment Bank
Add the IMF to the (now long) list of those who apparently share the UKs view that joining the China-led Asian Infrastructure Investment Bank is an unrivaled opportunity, as Christine Largarde says her institution not only sees a massive opportunity for cooperation with the AIIB but is also delighted to explore the possibilities.
International Monetary Fund chief Christine Lagarde has said the IMF would be “delighted” to co-operate with the China-led Asian Infrastructure Investment Bank…
Mrs Lagarde said there was “massive” room for IMF co-operation with the AIIB on infrastructure financing.
Mrs Lagarde, speaking at the opening of the China Development Forum in Beijing, also said she believed that the World Bank would co-operate with the AIIB.
Meanwhile, Switzerland is now on board and India, Indonesia, and New Zealand are reportedly set to follow. As a reminder, the deadline for applications is the end of this month and it appears that the UKs move to become a founding member has suddenly made the AIIB the coolest club on the block. Australia is expected to tender a qualified yes tomorrow.
We have reported the who saga of how Obama tried to bully the world on this, and how one by one, the nations of the world gave him the finger. It’s all in our Currency Wars paged and its related links.
Gotta have a grin at the ineptitude of politicians, haven’t you?
China – UK dump the US dollar for bilateral trade
Putin Flushes The Dollar Down The Toilet – We Told You So
Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China
De-Dollarization Du Jour: Russia’s Largest Bank Issues Yuan-Denominated Guarantees
Leading the charge to multipolarity and de-dollarization are Russia, resugent despite economic sanctions and the rising superpower in waiting, China. The downgrading of the dollar is clearly demonstrated in the launch of the BRICS bank and the establishment of the AIIB.
EU and US talk of war with Russia
The European Peoples Party (EPP) is the largest political group in the European Parliament, and they are unerringly supportive of America’s efforts to start a war with Russia. The time of talk and persuasion with Russia is over,” MEP and Vice-President of the EPP told a meeting on Tuesday, 21 April, Now its time for a tough policy, and concentration on defence and security …
This Is Why The US Just Lost Its Superpower Status According To Larry Summers
As more and more countries flock to join the Chinese led Asian Infrastructure Investment Bank after Britain, France Australia, India and other traditional US allies defied Washington to associate themselves with China’s initiative, conservative economic pundit Larry Summers once a contender for the chairmanship of the Federal Reserve delivered a sharp rebuke …