The Asian Infrastructure Investment Bank as a Turning Point for U.S. Economic Power

Larry Summers: The Past Month May Go Down as a Turning Point for U.S. Economic Power Excerpt:

" This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system . True, there have been any number of periods of frustration for the US before, and times when American behaviour was hardly multilateralist, such as the 1971 Nixon shock, ending the convertibility of the dollar into gold. But I can think of no event since Bretton Woods comparable to the combination of China’s effort to establish a major new institution and the failure of the US to persuade dozens of its traditional allies, starting with Britain, to stay out of it."

... More than 40 countries applied to be founding members including China, Australia, Egypt, Ukraine, the U.K., France, Switzerland, India, and South Korea.

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