A few weeks ago, I published an article on this site suggesting that China and Russia may be jointly working to reduce or remove the dominance of the U.S. dollar in the international energy trade. Since that time, both countries have taken a number of steps to achieve that goal. In addition, a number of other countries, including ones which are commonly considered to be friendly to U.S. interests, have also expressed a desire to move away from using the U.S. dollar as the primary currency in the energy trade. These nations appear to be not only opposed to the petrodollar standard but, in fact, want to replace or at least reduce the dollar’s dominance in all forms of trade. Should they succeed, this would represent a significant blow to spending habits in the United States as well as to the country’s standard of living.
On April 24, Russia’s