Well the BRIC countries have been threatening to do this for awhile. Now that Russia is doing this it is only time that Brazil, India and China follow suit.
The only way to combat the move from the Petrodollar to another form of currency is for the USA to become the major exporter of energy (Oil/Gas) and demand that those exports be paid in US Dollars. This would elevate the value of the dollar against already weakening foreign currency's.
Now with that all
said written: What if the USA became the biggest exporter of energy and demanded not US dollars but PM's (Precious metals)? Of course this would lead to importers demanding PM's for their goods too but a balance sheet could be agreed upon...You know debt vs. credits.
If this happens and if then the USA started manufacturing their own goods again, we could exit this Great Recession with a true sub 3% unemployment rate. Revenues from successful businesses would go up and in turn tax collections would rise. Then we could start our slow slog of reducing our debt.
Oh I forgot...We have President Obama as our leader. This would never happen.
If it did happen, it would not be fair to countries with no energy to use domestically or export.
