It would appear de-dollarization among America's "allies" is accelerating...
As of 6 p.m. Tuesday, a total of 46 countries had applied to be founding members of #AIIB. Founding membership will be finalized on April 15— People's Daily,China (@PDChina) March 31, 2015
Most of the 46 nations are here...
And while Washington has proclaimed Russia as "isolated", we wonder what the AIIB applications makes America?
As Simon Black concluded previously, this "greatest of all rotations" should not be a surprise...
Blackmail. Extortion. Intimidation. This isn’t the behavior of a trusted friend. It’s the behavior of an arrogant sociopath.
And the rest of the world is sick of it.
Other countries—even allied nations—see that times are changing. There are new players on the rise, and the US isn’t the only option anymore.
Increasingly they’re turning to China, who, by some metrics, is already the largest economy in the world.
And the US government can’t do anything about it.
This is happening now with increasing speed. It’s mainstream news everywhere: the US is being shunned by its allies for the new kid on the block.
This has major implications for the United States. History shows that when reserve currencies change, the losing country almost invariably goes through significant turmoil.
But here’s the thing—the world is changing. But it’s not coming to an end.
Yes, things will change dramatically in the West in the coming years.
The standard of living that was attainable in the US because of its economic dominance will diminish.
For cues, look to Europe to see how unsustainable policies unravel when you don’t have the backing of the world’s reserve currency.
But people who recognize and embrace these changes early will prosper, for there will be tremendous opportunities throughout this process.
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