One world under China? Beijing rolls out BRI initiative; U.S. can’t agree on renewing its own infrastructure

Screen shot from CCTV News.

 

The Belt and Road Initiative is the vanguard for Beijing’s reach for global power. It may not work, given all the imponderables of a project on this scale, not to mention conflicting interests with nations along its route. But at least the Chinese are showing the kind of social energy necessary to achieve great things. Do Americans still have that trait?

The state-owned press in China was all aglow about President Xi Jinping’s address to the G20 summit in Hamburg, Germany. Xinhua proclaimed how “Many overseas experts and scholars have praised” it. Towards the end of his remarks, President Xi brought up his pet project; recreating the ancient Silk Road that once linked Imperial China to Europe through Central Asia and the Middle East. He proclaimed, “Commitment of the Belt and Road Forum is highly compatible with the goal of the G20” and should be seen as part of a “new and inclusive globalization.” The Belt and Road Forum for International Cooperation had been held in Beijing, May 14-15. It attracted 29 heads of state (including Russian President Vladimir Putin) and representatives of 130 other countries (including the U.S.), plus the leaders of 70 international organizations, including UN Secretary-General António Guterres. Continue reading

Next financial crash is coming – and before we’ve fixed flaws from last one

In case you missed it last week:

 

The next financial crisis is coming, it’s a just a matter of time – and we haven’t finished fixing the flaws in the global system that were so brutally exposed by the last one.

That is the message from the International Monetary Fund’s latest Global Financial Stability report, which will make sobering reading for the finance ministers and central bankers gathered in Lima, Peru, for its annual meeting. Continue reading