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Biden signs on to $40T ‘Build Back Better World’ plan to build infrastructure in ‘poorer countries’

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Several G7 nations have agreed to a plan reportedly drafted by President Joe Biden’s administration to spend a combined $40 trillion to “help poorer countries build infrastructure.”

The ostensible goal of the Build Back Better World (B3W) plan is to “challenge China’s huge Belt and Road Initiative,” Reuters noted.

BRI is a competing global infrastructure project launched in 2013 by Chinese President Xi Jinping.

“China’s belt and road plan was launched by Xi in 2013 and involves development and investment initiatives stretching from Asia to Europe and beyond,” the Hong Kong-based South China Morning Post notes.

“More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure,” it adds.

This has been made possible by how much “progress” the communist nation has made in the past few decades.

“China in 1979 had an economy that was smaller than Italy’s, but after opening to foreign investment and introducing market reforms, it has become the world’s second-largest economy and is a global leader in a range of new technologies,” according to Reuters.

This re-emergence is considered “one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union that ended the Cold War.”

The primary difference between B3W and BRI appears to be the price tag. Whereas China has spent only $50 to $100 billion per year, according to the Brookings Institution, Biden and his partners would like to spend $40 trillion.

It’s not clear where the money would come from.

“The G7 and other ‘like-minded’ partners would coordinate to raise private-sector capital for investment in climate, health and health security, digital technology, and gender equity and equality, backed by development finance institutions,” Reuters claims.

Yet the B3W fact sheet published by the White House specifically mentions the “U.S. taxpayer” and talks of “both public and private” funding.

“Multilateral development banks and other international financial institutions (IFIs) have developed rigorous standards for project planning, implementation, social and environmental safeguards, and analytical capability,” the fact sheet reads.

It then adds, “The United States will incorporate these standards and safeguards to help ensure that U.S. taxpayer resources are used appropriately and effectively. We will work with the IFIs to enhance their catalytic impact and increase the mobilization of capital—both public and private—needed for impactful and sustainable infrastructure investment.”

(Source: White House)

Because of the proposal’s exorbitant price tag, its “public” funding, and America’s already troubling spending record, the plan has raised concerns that the president is about to screw over the American taxpayer like former President Bill Clinton, a Democrat just like Biden, did years ago.

Clinton spearheaded the signing of the North Atlantic Treaty Organization (NATO), a global organization that went on to collect copious amounts of money from Americans but barely anything (relatively speaking) from other participating nations.

It was an issue that former President Donald Trump, a Republican, frequently complained about. Thanks to his complaints, changes were made and spending by other participating nations was eventually increased.

Look:

With another Democrat now in office and another grandiose global agreement on the table, some worry that the United States will once again be forced to foot the bill.

Another factor that appears to separate B3W and BRI is purpose.

SCMP notes that Xi has been accused of trying “to create a modern version of the ancient Silk Road trade route to link China with Asia, Europe and beyond” as a “vehicle for the expansion of Communist China.”

With B3W, the Biden administration claims the goal is to promote what it considers to be quality values.

“This is not just about confronting or taking on China. But until now we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business,” a senior administration official said to Reuters.

The official added that Western democracies have failed to offer a viable alternative to the “lack of transparency, poor environmental and labour standards, and coercive approach” of the CCP.

The B3W also seems to prioritize being “climate change friendly” and — apparently — “gender neutral”:

The remarks above were made by U.K. Prime Minister Boris Johnson at the G7 summit Saturday.

“Through B3W, the G7 and other like-minded partners with coordinate in mobilizing private-sector capital in four areas of focus—climate, health and health security, digital technology, and gender equity and equality—with catalytic investments from our respective development finance institutions,” the White House’s fact sheet reads, emphasis added.

Vivek Saxena

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