Groucho Marx said he would refuse to join any club that would have him as a member. He did not however try to discourage his friends from signing up. That is what the US did when it came to the Asian Infrastructure Investment Bank, a China-led institution that Washington regarded with some suspicion.
One Beijing-based US executive scoffed at the very notion that China could run a multilateral institution. It did not know the first thing about how such a bank should be governed, he said.
Opponents of the AIIB whispered that it would lend to dictators, despoil the environment and trample on human rights. (Western institutions, of course, have never done any such thing.) The AIIB may turn out very differently from this caricature.
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