How China’s Infrastructure Bank Threatens U.S. Hegemony
Glen Ford: 57 nations, many of them U.S. allies, sign on to become members of the Asian Infrastructure Investment Bank, providing an alternative to U.S. military might and World Bank dominance
JESSICA DESVARIEUX PRODUCER, TRNN: Welcome to The Real News Network. I’m Jessica Desvarieux in Baltimore. And welcome to this edition of the Ford Report.
Now joining us from New Jersey is Glen Ford. Glen is the executive editor of the Black Agenda Report and he’s a regular contributor to The Real News. Thanks for being with us, Glen.
GLEN FORD, EXEC. EDITOR, BLACK AGENDA REPORT: Oh, thank you for having me.
DESVARIEUX: So Glen, today, Monday, we have, 57 nations were in Beijing to sign on as part of a signing ceremony for the Asian Infrastructure Investment Bank. You’ve been tracking this story. What is the significance of this bank?
FORD: Yes, most people wouldn’t think that that’s a very exciting occasion, and I guess if you’re not a banker it probably isn’t. But in fact what went on in China was an historically very important development. It’s as important as the U.S. pivot to the Pacific. It’s as important as Barack Obama’s bid to pass his super-secret Trans-Pacific trade bill. It’s as important as the U.S. provocations against Russia in Ukraine.
And in fact, all of these developments are related. And they’re related to the reason for starting this Chinese-based bank. The United States-based Infrastructure Investment Bank, or rather, the Chinese-based infrastructure bank, is considered by the United States to be a mortal danger to its rule. That is, to U.S. imperialism in the world.
The purpose of the United States military, its huge war machine that is more expensive than all the other militaries of the world combined, the purpose of that machinery is to put the United States and keep the United States in a position to control the terms of trade, and to enforce the domination of the dollar, and to give U.S. corporations and friendly European corporations an unfair advantage in the world, advantages that nobody else has. And without those unfair advantages, and without the coercive power of the U.S. military, American and European domination of the world would be doomed and we would see an end to half a millenia of Euro-American control of the world.
That’s something that the United States does not want to contemplate, and that is the source of the tensions in the world. That’s why the United States did everything it could to dissuade its allies from joining this new Chinese-led infrastructure and investment bank, but many of its allies did join anyway. Including the Brits, and including Australia. And they joined because China is at the center of global economic development, and because Britain and Australia and other U.S. allies don’t want to be left out of that development.
The new bank means that the U.S. and Europe cannot strangle Asian development. Because of their control, and they’ve been in control since the end of World War II, their control of the International Monetary Fund, of the World Bank, and their Japanese allies control of the Asian development bank. The Chinese have also been central in the creation of another bank. They’re putting a whole new infrastructure together. And that bank will be operational by the end of this year. It’s designed specifically to enhance the economic prospects of the BRIC nations, and that’s China and India and Russia and South Africa.
The reason that this bank is so important is because it’s designed to protect the currencies of those BRIC nations from attacks by world capitalist financial extortionists and players. Players like George Soros, who make a killing out of devaluing everybody else’s country. So the BRICs nations have banded together to protect each others’ currencies, and therefore ensure that they have a smooth road to development.
The purpose of these new banking institutions is to develop the economic potential of the world in a more rational way, and to integrate the economies not just of Asia, but also of Africa and of Latin America. It’s designed to develop the world in ways that are not suited only for the profits of American and European corporations.
So we’re not talking about revolutionary banks, and I don’t know if there ever could be such a thing in today’s world as a revolutionary bank. But these two banks do represent a great danger to U.S. imperialism, and because of that this is a very good thing for the planet.
DESVARIEUX: Glen, do you have a sense that the policies that are going to be presented in this Chinese-led infrastructure bank are going to be more in the interests of everyday people? How do we prevent, let’s say for example, China from taking an imperialist course?
FORD: Everyday people, not necessarily. But the countries involved and certainly the corporations of those countries involved, yes.
We have to really distinguish between the fight against U.S. imperialism and the fight of socialism. They are not necessarily the same thing. But we do know that U.S. imperialism if it is allowed to stand will prevent human life itself from being possible on planet earth. So it’s, it’s a necessity that we fight the concentration of power in these old European and American hands, and give chance to the rising nations together, banding together against, and consciously against the imperial powers, to come up with an order in the world that is fairer to its peoples.
These banks, no, are not going to be taking on projects solely because they will help the common man. The common man will not be represented except to the extent that they’re represented in their governments. But new economic forces and especially state forces that can decree that the world move in a more orderly manner will have the upper hand in this bank, because China is the most important member.
DESVARIEUX: All right, Glen Ford, joining us from New Jersey. Thank you so much for being with us.
FORD: Thank you.
DESVARIEUX: And thank you for joining us on The Real News network.
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