by Michael Snyder, The Economic Collapse Blog:

This month, rumors about the petrodollar have spread like wildfire all over the Internet.  Some of what is being said is true, and some of what is being said is false.  When other sources were reporting on “the death of the petrodollar”, I was asked why I was not writing about it.  Well, the truth is that I was not writing about it because the petrodollar is not dead.  It is certainly in trouble, but it is not dead.  Today, most oil continues to be sold in U.S. dollars, and most global trade continues to be conducted in U.S. dollars.  But that could change as other countries lose faith in our currency.  In particular, we will want to carefully watch what the BRICS nations choose to do.  45 percent of the world’s inhabitants live in the BRICS nations, and they have been implementing strategies that are designed to promote their own currencies and reduce dependence on the U.S. dollar.  As U.S. relations with leading BRICS nations continue to deteriorate, I would expect that trend to accelerate.