„Colossal Defeat“ For Obama As Australia Joins China’s Regional Bank

„Colossal Defeat“ For Obama As Australia Joins China’s Regional Bank
Having attacked its „closest ally“ UK for „constant accomodation“ with China (1), we suspect President Obama will be greatly displeased at yet another close-ally’s decision to partner up with the Chinese-led Asian Infrastructure Investment Bank (AIIB). As The Australian reports, „make no mistake,“ the decision by Australia’s Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend,  „represents a colossal defeat for the Obama administration’s incompetent, distracted, hamfisted diplomacy in Asia.“  (…)
*  *  *
As we have detailed recently, Australia is in trouble economically and its pivot to China makes perfect self-preservation sense… as Sheridan notes:
Obama treats allies shabbily and as a result he loses influence with them and then seems perpetually surprised at this outcome.
The Asian professionals in Washington regard the Obama administration as particularly ineffective in Asia.
The consensus is that the Obama White House is insular, isolated, inward-looking, focused on the President’s personal image and ineffective in foreign policy.
* * *
Britain and Australia might be too polite to tell the US straight up– “Look, you have $18.1 trillion in official debt, you have $42 trillion in unfunded liabilities, and you’re kind of a dick. I’m dumping you.”
So instead they’re going with the “it’s not you, it’s me” approach.
But to anyone paying attention, it’s pretty obvious where this trend is going.
It won’t be long before other western nations jump on the anti-dollar bandwagon with action and not just words.
*  *  *
Bottom line: this isn’t theory or conjecture anymore. Every shred of objective evidence suggests that the dollar’s dominance is coming to an end.
The bank, which will fund infrastructure projects across the region and may indeed be part and parcel of China’s implicit attempt to establish a Sino-Monroe Doctrine, represents “an unrivaled opportunity for the UK and Asia to invest and grow together,” according to Britain’s George Osborne. Unsurprisingly, the US doesn’t see it that way and although Washington was generously willing to concede that this was the UK’s decision to make for itself, US officials are clearly perturbed that Britain didn’t ask for permission …
David Cameron thinks about appeasing a country that is a possible threat to US hegemony, he really needs to ask first…
“[The decision was made with] virtually no consultation with the US.”   “We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power.” —  From FT, quoting a senior US Official
2  Simon BLACK: Et tu, Britain? United Kingdom to join China in the anti-dollar alliance; Sovereign Man, March 13, 2015 – URL: http://www.sovereignman.com/finance/et-tu-britain-united-kingdom-to-join-china-in-the-anti-dollar-alliance-16482
Martin Zeis
globalcrisis/globalchange NEWS

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