U.S. allies humiliate Obama, rush to join China’s new bank

Photo by: Parker Song
U.S. Treasury Secretary Jacob Lew, left, shakes hands with Chinese Premier Li Keqiang before a meeting at the Great Hall of the People in Beijing, China, on Monday, March 30, 2015. Lew said he pressed Chinese leaders Monday over proposed curbs on the use of foreign security products by banks and other restrictions on access to China’s technology market. (AP Photo/Parker Song, Pool)

Observers say episode marks diplomatic defeat for Obama

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“…upon the earth distressStrongs 4928: sunoche, soon-okh-ay´; from 4912; restraint, i.e. (figuratively) anxiety: — anguish, distress. of nations, with perplexityStrongs 640: aporia, ap-or-ee´-a; from the same as 639; a (state of) quandary:—perplexity.
Strongs 639: aporeo, ap-or-eh´-o; from a compound of 1 (as a negative particle) and the base of 4198; to have no way out, i.e. be at a loss (mentally):— (stand in) doubt, be perplexed
—Luke 21:25

Kings of the East

“And the sixth angel poured out his vial upon the great river Euphrates; and the water thereof was dried up, that the way of the kings of the east might be prepared.”
—Revelation 16:12

The rush to join the China’s new development bank for Asia has become a stampede, with even longtime U.S. allies such as Georgia, South Korea, Australia and even Taiwan now saying they are ready to join despite the clear reservations of the Obama administration.

China is putting up half of the planned $100 billion initial capitalization for the Shanghai-based Asian Infrastructure Investment Bank (AIIB), designed to help finance trillions of dollars in infrastructure projects needed for the booming East Asian region in the coming decades.

At least 42 countries are now expected to be “founding members” of the AIIB, up from 21 when China and a group of Asian and Middle East countries formally signed a memorandum of understanding to open the bank last October, including Germany, Britain, France, Switzerland, Turkey and Russia. Beijing has pressed countries to join by the March 31 deadline, saying only founding members will have a say in setting up the AIIB’s initial structure and lending guidelines.

To date, the U.S. and Japan are the only two major players on the outside as the AIIB comes together.

Treasury Secretary Jacob Lew, in a possible attempt to mend fences, was in Beijing Monday for talks on a range of economic issues with Chinese Premier Li Keqiang and other officials. Mr. Lew gave no sign that Washington was ready to join the AIIB, but said the Obama administration was willing to work with the bank once it was established.

“We very much welcome China’s increased participation in infrastructure investment, and the concerns we’ve raised about the need for standards continue,” Mr. Lew said, according to The Associated Press, saying talks between Washington and Beijing on the AIIB have been “cooperative and collaborative.”

“The initial decisions of what kinds of projects are invested in will obviously be a very important signal as to how they’ll proceed,” Mr. Lew added.

Chinese officials have been careful not to gloat about the spectacle of longtime U.S. allies ignoring Washington in the rush to have a stake at the new bank, in no small part because China’s massive reserve, huge domestic market and global clout are too attractive to ignore.

“The AIIB is expected to increase investment, boost demand and spur economic expansion in the region,” said Zhu Min, a former top official at the People’s Bank of China and now deputy managing director of the IMF.

But outside observers say the episode marks a clear diplomatic defeat of the U.S. and an equally clear sign of a shift in the global economic pecking order. British Prime Minister David Cameron began the rush of top powers to join the AIIB earlier this month, giving little advance warning to the U.S. or to Britain’s European Union partners.

“Confusion is the result, and further friction and conflict inside the EU, in the G7 and across the Atlantic are foreseeable,” wrote Volker Stanzel, a senior adviser at the German Marshall Fund of the United States in a new analysis of the AIIB fight. “‘Divide and rule’ is an art mastered long ago by Beijing.”

  1. Howard Green, 02 April, 2015

    There is little doubt that China’s current growth both militarily and economically is more than just the natural progression of things. China has been very resolute about becoming the world’s economic powerhouse. As a matter of fact, on October 14th of this year…the IMF reported that China just surpassed the US. as the world’s largest economy. Why is this new designation so pivotal? It is because the continued growth of China’s economy fuels it’s massive military buildup. Ultimately the Chinese….and perhaps other armies from Asia will constitute the kings of the east. The vast army from Asia will move westward, cross the Euphrates River, and move on toward Israel. The news of the advancing army will trouble the evil world leader. Here is the picture the Bible paints for us about the military campaign: The world dictator (antichrist) is in power and….he is speaking blasphemies against the Lord exalt himself above every god. He has dealt with other military challengers and now he hears disturbing news from the east.
    Look at the ultimate destination for the armies from the east and the rest of the armies of the world, they will converge on tiny Israel. The nation of Israel is the geopolitical center of the world. In the end time scenario, we see demonic forces at work, we see the worlds armies gathering for the climax of history, and we see Jesus returning in victory to rule and reign as King of Kings and Lord of Lords.
    Come quickly Lord Jesus

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