by John Galt
March 28, 2015 10:05 ET
And now the circle is complete. With the United States following, not leading, it’s European banking allies into the Chinese created AIIB alternative to the IMF/World Bank cartel, it was only a matter of time before Russia joined. As of today, Russia has indicated they are joining the bank and since they already have a currency exchange agreement with China the Russians might hold a little bit more influence than the US government or Federal Reserve.
From RT today:
Russia decided to apply to join the China-led Asian Infrastructure Investment Bank (AIIB), the country’s Deputy Prime Minister Igor Shuvalov said on Saturday.
“I would like to inform you about the decision to participate in the AIIB,” which was made by Russian President Vladimir Putin, Shuvalov said at the Boao Forum for Asia.
Shuvalov added that Russia welcomes China’s Silk Road Economic Belt initiative and is happy about stepping up cooperation.
“We are delighted to be able to step up cooperation in the format of the Eurasian Economic Union (EEU) and China…the free movement of goods and capital within the EEU brings economies of Europe and Asia closer. This is intertwined with the Silk Road Economic Belt initiative, launched by the Chinese leadership,” he said.
Britain and Switzerland have been formally accepted as founding members of the AIIB, China’s Finance Ministry confirmed Saturday. This comes a day after Brazil accepted an invitation to join the bank.
“We should push forward with the creation of a regional hub for financial cooperation,” Chinese President Xi Jinping said Saturday, Reuters reported.
China should “strengthen pragmatic cooperation in monetary stability, investment, financing, credit rating and other fields,” Xi said.
With this application to join along with Switzerland, Luxembourg, along with other major European and Asian nations it would appear the flight from the upcoming crash of the US dollar is almost complete. I would look for the nations of South America to develop a viable economic bloc alternative in the very near future to counter American and European influence within a year as the de-dollarization of the world accelerates.