In October 2013 George Osborne was effectively summoned to Beijing because China wanted London to be the base to develop renminbi-denominated financial instruments. London has served China well, with the UK Government even issuing the first renminbi-denominated foreign (to China) government bond. The renminbi is now on the way to being a fully-fledged international currency.Washington would do well to "graciously assist" the next order (as does London) instead of embarrassing itself with unbacked belligerence (we have a way of making a lot of noise with nothing backing our hand but a "full house" of debt).
And with that said, perhaps a day late and a dollar short, here comes the blushing debutant to the ball with open arms:
There's nothing like defeat in political terms to create new alliances among strange bedfellows. But the disparity between Easteran and Western economic development plans is wide. The West could undertake substantial rebuilding of its aging infrastructure - yet that seems long overdue. Most of its economic energy is spent in the financial sector casinos, developing bonuses for the global HFT-driven derivative trade. And its corporations are focused on wage arbitrage overseas as our aging infrastructure crumbles.The Obama administration, facing defiance by allies that have signed up to support a new Chinese-led infrastructure fund, is proposing the bank work in a partnership with Washington-backed development institutions such as the World Bank.
Economic development, as we can see, has great need and potential across the globe. Yet we are trapped in a global stagflation, 8 years and counting. The Great Debtor Nation is absolutely obsessed with protecting its systemically important wealth (debt) from devaluing (defaulting) and crashing the present debt-based wealth reserve system ... at any cost.Infrastructure needs around the world are enormous. Emerging countries need new ports, railways, bridges, airports and roads to support faster growth. Developed economies, meanwhile, must replace aging infrastructure. The Asian Development Bank estimates its region alone faces an annual financing shortfall of $800 billion a year. The consulting firm McKinsey & Company estimates global infrastructure-investment needs through 2030 total $57 trillion.
And the East wants to develop a NEW system with equity (gold), not debt, at it's foundation.
Classic. It's the Debtors vs. the Savers holding hands and singing Kumbaya My Lord at the last supper of debt.
And as everyone knows where we have been ... let's see where we are going ... with this interesting "partnership" of the newer world order!