AIIB’s traction means U.S. has shed role as global underwriter: Summers

April 6, 2015 6:09 PM

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President Obama’s former National Economic Council director Lawrence H. Summers has commented on what’s been apparent to Asia Unhedged for the past few weeks: China’s ability to rally non-western and western nations behind its Asian Infrastructure Investment Bank (AIIB) signals that the U.S. has toppled from its perch as the world’s lead underwriter.

” 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...

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