Right now, the United States is trying to maintain its place as the world’s greatest power. Meanwhile, another great economic power sets out to conquer the world and takes more and more space. This situation worries several American decision-makers, including Larry Summers, former Secretary of the Treasury. He voiced his concerns in a recent interview with Bloomberg.
More and more countries prefer China to the United States!
China continues its global expansion and accumulates allies. For example, it recently teamed up with Malaysia to work for an Asian Monetary Fund to counter the dollar. In this context, Larry Summers indicated that the United States must face new challenges. According to him, the latter will prevail as China expands its influence in the world.
The former Treasury Secretary spoke of a global fragmentation that is underway. He explained that on the one hand, the United States is fighting against Russia’s actions in Ukraine. On the other hand, China is becoming a source of inspiration for oil-rich countries like Saudi Arabia and Iran.
” The restoration of diplomatic relations between Saudi Arabia and Iran under China’s auspices is a symbol of what I see as a huge challenge for the United States. We are on the right side of history with our commitment to democracy, with our resistance to aggression in Russia. We’re on the right side of history, but we feel a little lonely “said Larry Summers.
The former Treasury Secretary referred to the fact that several countries would like to establish trade relations with China. He has explained : “ I think there’s a growing acceptance of fragmentation and, perhaps even more troubling, I think there’s a growing sense that our fragment may not be the best to associate with “.
” A resident of a developing country told me, “What we get from China is an airport. What we get from the United States is a conference. We like your values better than theirs, but we like airports more than conferences” added Larry Summers.
China is trying to distance itself from the dollar in every possible way. With the other BRICS countries, it is considering the adoption of a common digital currency.
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