China’s progress on the path to financial power and world power
(Abridged and revised)
In the spring of last year, the professional observers of world affairs reported bad news from the Far East: “China’s new development bank divides the West” (Die Zeit, Hamburg, March 17, 2015); “US isolates itself: China stirs up the world order” (Die Presse, Vienna, March 30, 2015); “The latest in de-dollarization: US forfeits credit” (telebörse.de, March 25, 2015); “The past month will be remembered as that moment when the United States lost its role as guarantor of the global economic system” (Die Zeit, April 15, 2015). The dollar’s dominance at an end, American power losing its allure as guarantor for the global economy, the unity of the West destroyed by China — all because of the founding of a bank. How come?