Former US Treasury Secretary announced the end of Washington's global hegemony
Washington – Kyiv, April 08 (PolitNavigator, Vasily Ablyazimov) – A rethinking is underway among the American elite, reports German Economic News . Former Treasury Secretary Lawrence Summers, an influential and high-ranking politician and expert, declared the end of American hegemony in the world. The reason for this drastic statement was the US government's unsuccessful attempt to dissuade its allies from investing in the new China Development Bank.
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The publication writes: “The US government’s unsuccessful attempt to dissuade its allies from participating in the new Chinese Development Bank is seen as the clearest sign of a fundamental change in US geopolitical ambitions. The United States' closest ally, Great Britain, yesterday made a contribution to the Asian Infrastructure Investment Bank. All major American allies did the same, including Germany and Italy, and even Australia. Russia also wants to join this bank.”
Former Treasury Secretary and Harvard University President Lawrence Summers, in an article on his website, analyzes the new role of Americans in a multipolar world. Summers says the "insubordination" and preference of a Chinese bank over an American bank by traditional US allies is evidence of the collapse of the Bretton Woods economic global model. The world requires a new global architecture, says the former US Treasury Secretary.
Summers said the creation of such a bank is a blow to one of the key components of the pro-American global economic model, namely the IMF. In fact, the Chinese architectural bank could become a competitor to the IMF, which means a sharp drop in the value of the International Monetary Fund.
English version :: Read in English The former US Treasury Secretary declared the end of Washington's global hegemony.