Russia Tentatively Approves Ban on Dollar, Euro.

English being the international language of business shows who is really in control of the global economy.

Don't confuse the fickle value of fiat currency as a measure of power, the US still has infinite economic power compared to the EU and Russia or China.

And always will because the US is smart enough to grow wealthy by making her allies wealthy.

Russia is not a US ally, merely the US turns a blind eye to her devices, the strengthening or rather protection of Russian economy supports Russia's paranoid delusion and aids in her robust Nuclear Program to restore Russian status as a Geo-political influence.

way to go. isolationism always creates prosperity, no?

Prepare to crash the economy so more folk turn to the Government for survival, or the Mafia, or whomever still has money.

Social engineering hasnt changed much in Russia, only the names. Same story after WWII goes on today. Did the Soviet really fall after all or just change brand names?

This no new and it should no surprise any, since prior to Iraq the plans to change currency was already on the table by the these countries we are talking about.

It was halted after US attacked Iraq, but now is on schedule.

What I see happening in the future is that many European countries alone with some middle east nations will make their own oil partnership and they will compete with the rest of the other oil producing nations that are controlled by the US.

Then the true oil wars will be start and we Will be stuck with the results of them.

The Soviet Union ended only because the Central Government ended it's supreme authority over the various Republics. The Republics are still bound together by the CIS and it is still dominated by Russia.

Since Russia has so many natural resources; oil, gas, minerals, agricultural land etc, the idea of strengthening the currency by trading commodities in Rubles is a good one... and will provide support to a currency that is otherwise less attractive in the short term due to dubious economic outlook in Russia. Commodities have intrinsic value.

e.g. If Russia wants to stabilize the price of the ruble to 10 to the dollar, it simply fixes the price of it's oil or gas exports to 10 times the dollar cost of such commodities, in rubles.

If the current value of the ruble is less than 10c, there will be a rush for rubles, as arbitrageurs, hedge funds, investment banks, and other financial institutions dash to buy the cheap oil, and resell it immediately on the western markets in dollars. Within a very short time, the ruble will rise to the 10c mark as the institutions squeeze out the profits to be made on the currency mis-match.

Then, Russia just needs to peg this rate for a decade or so while the economy grows and stabilizes around this rate, like China is at the moment.