After the UK announced it will join new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member late last week, Germany, France and Italy decided yesterday to follow Britain’s lead and join as well.
Welcome to the beginning of the end of the US dollar’s domination. It’s happening.
I think you made a big mistake in your headline :). One little word makes a huge difference. I think you meant ‘…bailing ON…’ or …‘bailing out ON…’ and not ‘…bailing OUT…’.
It makes perfect sense to leave a sinking ship and upgrade (if you wish to use that word) to something more long-term beneficiary to (at least) stability.