A recent milestone in this strategy is the triumphant announcement of the Asian Infrastructure Investment Bank (AIIB) — a financial institution created by the Chinese to help extend their influence and foster regional growth. The Obama administration fought the establishment of the AIIB (seeking to bully allies into staying out of it) so ineffectively and maladroitly that one Asian diplomat told me this week that the entire case ought to be studied in schools as an example of how not to conduct foreign policy. Washington appeared reactive, disorganized, and impotent.
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