While most of the world is focused on the challenges to the U.S. in an increasingly fluid Middle East, a once-unthinkable phenomenon is playing out in Asia.
Having failed to kill the Chinese-led proposal to create an Asian Infrastructure Investment Bank, the U.S. is now being openly defied by a growing number of its allies as they signal their intention to join this new institution.
U.S. opposition to an Asia-focused organization isn’t new. In the late 1990s, it confronted a regional initiative to establish an Asian Monetary Fund.
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