by Nick Beams, Global Research:
The decision by major European powers to join the $50 billion China-backed Asian Infrastructure Investment Bank (AIIB) is a significant blow to the United States. It is a clear sign that, amidst deepening global stagnation, the economic mechanisms through which the US has exerted its hegemony are breaking down as other imperialist powers assert their independent interests.
The initial blow came last Thursday when the British government of Prime Minister David Cameron announced that it would become a founding member of the bank. An unnamed White House official responded by denouncing “a trend towards constant accommodation” with China that was “not the best way to engage a rising power.”
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