During an Aug. 22 briefing at the White House, the often delusional National Security Adviser Jake Sullivan crassly asserted that when President Joe Biden attends the Sept. 7-10 G-20 meeting in New Delhi, the U.S. will demonstrate by its “leadership” at that forum, together with its “allies and partners,” that it can respond to the pressing needs of the Global South. This will be done by proposing to bolster existing multilateral development banks and “reshaping” and revamping the thoroughly discredited institutions of the dying old order, the IMF and World Bank.
Judging from his attack on “the scale of the PRC’s coercive and unsustainable lending through the Belt and Road Initiative,” Sullivan seems to have had the BRICS on his mind, whose 15th annual summit was beginning the same day in Johannesburg. He proclaimed that while in New Delhi, Biden “will also reaffirm the U.S. commitment to the G20 as the premier forum of economic cooperation globally, including by committing to the U.S. hosting the G20 in 2026.” By 2026, what will be left of the rotting old paradigm?
Undeterred by reality, Sullivan insisted, “[W]e need to ensure there are high-standard, high-leverage solutions to the challenges countries are facing, and a way to get the most bang for our buck is through the World Bank and the IMF, which are highly effective and transparent international financial institutions that were founded on and continue to embody U.S. leadership.” Reshaping “and scaling up the World Bank” will allow it to “more effectively deliver both poverty reduction and inclusive economic growth,” he argued, boasting that the World Bank/IMF can come up with $50 billion in lending for middle-income and poor countries. Then, with help from “allies and partners” that amount will quickly grow to $200 billion–and this is the proposal that Biden will bring with him to New Delhi.
Sullivan also played up that prior to Biden’s trip, Vice President Kamala Harris will travel to Jakarta, Indonesia, Sept. 4-7, to attend the U.S.-ASEAN and East Asia summits, in order to, among other things, “review the unprecedented expansion in U.S.-ASEAN relations under the Biden-Harris administration.” She’ll focus on “our shared prosperity and security,” climate, economic growth, and, of course, upholding and strengthening “international rules.” That should make everyone feel safe.
