Envisions 'updated' global rules, prosperous China, level playing field
Published: 1 hour ago
a banking conference on Friday, Vice President Joe Biden called for the
creation of a “new world order” with new financial institutions,
updated global rules, a level playing field, and a prosperous China.
comments seem to refer to the president’s so-called pivot-toward-Asia –
a professed strategy of putting a greater focus on the Asia region.
His statements come as the U.S. increased its deployments in the Pacific, purportedly in response to threats from North Korea.
military moves prompted much speculation in the news media that some of
the White House response to North Korea may be related to the larger
pivot to Asia that has been a major Obama administration policy goal.
remarks also come one week after China, Russia and other powers
announced the creation of a new economic order that would rival the
Western-dominated World Bank and International Monetary Fund.
the keynote address at the Export-Import Bank Conference in Washington,
D.C. on Friday, Biden stated “the affirmative task we have now is to
create a new world order.”
He continued: “Because the global
order is changing again, and the institutions of the world worked so
well in the post-World War II era for decades, they need to be
strengthened, and some need to be changed.”
“So we have to do
what we do best, we have to lead,” he stated. “We have to update the
global rules of the road, we have to do it in a way that maximizes
benefits for everyone, because obviously, it’s overwhelmingly in our
interests. This is not a zero sum game, it’s overwhelming our interest,
that China prosper, that Mongolia prosper, that nations big and large,
East and West (prosper). We have to level the playing field so that
companies and workers can compete in the world, that the competition is
fair and it’s healthy.”
On Friday, WND published an article
asking whether the Obama administration’s military build-up in the
Pacific is part of the president’s so-called pivot-toward-Asia strategy,
a move that could demonstrate the biggest shift in world power since
World War II?
It is difficult for most seasoned observers to
explain why Obama is suddenly responding to North Korean aggression when
the White House did little in 2008 when North Korea refused to allow
United Nations inspectors into its nuclear plants.
administration also took little action when North Korea in 2009 carried
out at least two nuclear tests, one of which is believed to have been
the cause of a magnitude 4.7 seismic event.
The White House did
not allow the U.S. military any significant response when in 2010 North
Korea torpedoed a South Korean navy ship, killing 46 sailors. North
Korea then shelled a South Korean island with little U.S. reaction.
purportedly in response to aggressive action by North Korea’s new
leader, the White House is sending to Singapore a new class of warship
designed to fight in coastal waters.
The Pentagon also announced
that it will deploy a missile defense system to the U.S. Pacific
territory of Guam to strengthen regional protection against a possible
attack. This after the Obama administration largely canceled a similar
defense system intended for Europe.
U.S. warplanes, including
fighter jets, U-2 spy planes and an A-10 attack jet, were seen flying in
South Korea yesterday as part of a massive joint military exercise.
U.S. says it stands “poised to respond” at the border of North and
South Korea, where American troops are on high alert amid possible
further Pentagon build-up in the region.
U.S. military ‘rebalance’
Why is the U.S. now responding to North Korea?
magazine says the “U.S. pivot toward Asia – and the potential for
confrontation with China – became a little more real this week with the
arrival of a new class of warship designed to fight in coastal waters.”
pivot has been declared by the Obama administration itself – a
professed strategy of putting a greater focus on the Asia region.
this week, Defense Secretary Chuck Hagel “made clear the U.S. and the
Department of Defense remain committed to the rebalance towards the
Asia-Pacific region,” Pentagon spokesman George Little said after a
meeting between Hagel and Singapore Prime Minister Lee Hsien Loong.
told Loong that “in the future there will be even more opportunities
for closer collaboration between the U.S. and Singapore,” Little said.
‘New economic world order’
U.S. military shift comes as the so-called BRICS countries – Brazil,
Russia, India, China and South Africa – seek to create a monetary system
to rival and even surpass the West.
While it received little
U.S. media attention, last week at its fifth annual summit the BRICS
group unveiled what it said was a new development bank aimed at breaking
the monopoly held by Western-backed institutions.
The bank would
use $50 billion of seed capital shared equally between Brazil, Russia,
India, China and South Africa but would clearly be dominated by China.
President Vladimir Putin gave support for the bank while India’s trade
minister said BRICS will “have a defining influence on the global order
of this century.”
“It’s done,” said South African Finance
Minister Pravin Gordhan last Tuesday, adding “we made very good
progress” on the formation of a World Bank-analogue development agency.
Press TV described the deal this way: “The BRICS bank will present an
alternative solution to the Western-dominated global banking system
comprised of the Bretton Woods institutions – the World Bank (WB) and
International Monetary Fund (IMF).
“The new bank will provide a
collective foreign exchange reserve and a fund for financing
developmental projects in order to address the needs of emerging and
Press TV reported, “BRICS members say the
current global balance of power is unworkable, with institutions such as
the WB, the IMF and the United Nations Security Council irrelevant in
addressing matters concerning global economics.”
Under the deal,
the two largest economies of the emerging power groups, China and
Brazil, agreed to remove nearly half of their trade exchanges out of the
U.S. dollar zone – a significant blow to the U.S. dollar.
Some in the U.S. are skeptical the BRICS moves will actually work.
S. Nye, a professor at Harvard University, wrote in the Australian
newspaper: “Tellingly, the meeting in Durban failed to produce any
details of the structure of the proposed new development bank,
suggesting that little progress had been made in the year since the
BRICS’ last meeting in New Delhi, where the plan was announced.”
Nye: “In fact, despite a commitment to launch “formal negotiations” to
establish the bank, disagreements about the size and shares of the
bank’s capital have not been resolved.”
The New American took the
other side, arguing the BRICS bank is a step closer toward a world
government: “Aside from a planetary fiat currency and central bank, the
erection of a true world government was at the heart of BRICS regimes’
machinations outlined in their final agreement.”
pointed out the BRICS declaration at the end of last week’s summit
included, “We reiterate our strong commitment to the United Nations
(U.N.) as the foremost multilateral forum entrusted with bringing about
hope, peace, order and sustainable development to the world.”
BRICS statement added, “[W]e reaffirmed our commitment to the promotion
of international law, multilateralism and the central role of the
BRICS clearly sees a reshaped economic world in which government-run companies play a significant role.
acknowledge the important role that State Owned Companies (SOCs) play
in the economy and encourage our SOCs to explore ways of cooperation,
exchange of information and best practices,” the declaration states.
the global economy is being reshaped, we are committed to exploring new
models and approaches towards more equitable development and inclusive
With additional research by Joshua Klein.