With last weekend’s Belt and Road Forum now in the history books, the significance of an ever-growing trade route from Korea to London has finally moved from being ignored by the Western elites, to suddenly being seen as a serious threat. And on May 17 members of the World Economic Forum (Davos) are taking note and have put the new Silk Road 2.0 project squarely on their upcoming Summer agenda.
The World Economic Forum will hold special discussions on how to implement the Belt and Road Initiative in the best ways to leverage global market forces.
The organization plans to include discussions on how to further strengthen cooperation and support the initiative in its annual meetings in Davos, Switzerland, and the annual meetings of the New Champions, also known as the Summer Davos Forum, said David Aikman, the group’s chief representative officer for China.
“We’ll help act as a catalyst to develop the initiative into a truly open, inclusive and forward-looking cooperation platform that the region and the world need now,” he said.
Although the initiative originated in China, it will benefit beyond its borders because it is about mutual responsibility and shared results, Aikman said. Globalization efforts have experienced some difficulties, but the initiative has provided a new cooperation format, he added.
Traditional frameworks of regional peace and cooperation are being torn apart by nationalist forces who blame external factors, such as refugees and terrorists, Klaus Schwab, founder and executive chairman of the economic forum, said on Sunday.
The initiative can be a model for other regions to follow when dealing with such challenges, he said. Strong regional cooperation is a major building block for successful global cooperation while people recognize that a purely market-driven global economy creates its own systemic challenges, such as a lack of inclusion and risk resilience, Schwab said. – China Daily
Perhaps one of the most important effects of the Belt and Road initiative is that their promotion of direct bi-lateral trade using one’s own sovereign currencies threatens the existence of the Western elites as the potential for member nations to have a mechanism to bypass the dollar is a very real omen.
While the U.S. tries to abstain from joining the rest of the world in the Belt and Road initiative, the future appears certain to be rebuilt on a path of multi-polar reserve currencies, gold, and an end to dollar hegemony. And it appears that this future is now weighing on the minds of the Western elite who are taking little time to address its significance when the next mid-year Davos meeting takes place.
Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.