Another potentially historic day?
Biden is going full throttle on steep competition with China. Lets see how he is going to finance this initiative (printers brbr..).
And guess where will the production capacity come from. Probably a lot of dollars will flow to Chinese exporters (soon to be worthless if he prints these dollars to do this initiative)
Lets see how China will react when they demand from it physical goods and paying it with newly printed money..
Nothing conceptually wrong with the plan. But devil is in the details.
Is this just another lip service from the US to be forgotten after 1 week?
Does the US have the capability to execute the infrastructure project?
Does the US seek hegemonic control of project funded by other countries?
Does the US seek to exclude selected countries in this initiative to serve themselves, much like many other US initiative.
There are similarities to TPP under Obama.
TPP was initiated to give US control over trade rules and policies. It serves to exclude countries that cannot be dominated.
It was meant to sabotage a rival RCEP which is ASEAN centric free trade agreement.
Also same story with World Bank and IMF.
The World Bank has exclusively been under US control since inception.
IMF is exclusively under European control.
When AIIB was being created, the US and to some extent western countries was doing everything to sabotage AIIB.