the death of the dollar is speeding up;

By Godfree Roberts – an early extract from his weekly Here Comes China newsletter and posted with permission

WILL RUSSIA DESTROY THE US DOLLAR?

Farewell to Inordinate Privilege

Earlier this week, Russia announced that countries on its Unfriendly Nations list must pay in roubles for its gas. Within hours, the rouble regained its pre-embargo value on international markets.

De facto, the rouble also established itself as a reserve currency in the EU, as is the petrodollar in the Middle East. Having renounced coal and nuclear power, Europe left itself with no alternative to Russian gas.

But wait, there’s more on the currency front: next week, Russia and China will offer frictionless access to the world’s largest market, via cheap, secure, trackable, instantaneous transactions that are free of government manipulation, currency fluctuations, embargoes, and sanctions.

Here’s the backstory: after helping America out of the GFC, PBOC Governor Zhou Xiaochuan observed, “The world needs an international reserve currency that is disconnected from individual nations and able to remain stable in the long run, removing the inherent deficiencies caused by using credit-based national currencies.”........read more..........