Collapse of the Petrodollar Looming

The announcement by President Putin of a Russian bourse trading oil and gas in Roubles threatens the stability of the US Dollar far more than Iran’s bourse alone would do, and continues the slide in relations between the old Cold War foes.

Burns himself was probably a bit cranky after his trip to Moscow in April, when he publicly asked Russia not to go ahead with the sale of Tor-M1 mobile anti-missile missiles to Iran, only to be bluntly rebuffed by Russian Chief of Staff, General Yury Baluyevsky. Meanwhile the world looks on, hoping that the great powers really know what they are doing, and that World War 3 won’t start because of a subtle miscalculation in brinkmanship.

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