Russia has now severed all transactions in dollars. The BRIC countries are exchanging currencies and gold. China is fast realizing the game the USA is playing in the gold market with naked shorts to keep the price down.
China has two moves which could topple the dollar. First it could simply float the 1.5 Trillion in bonds one the market. It doesnt even have to be agressive about it. soon interest rate pressures would unhinge the dollar.
What if the hostilities between Japan and China finally piss China off? forget about ading in dolars then. China now has production for internal and European customers it doesnt need America like it did at the start. Having stolen all our manufacturing technology, China is now ready to go it alone.
Or China could simpky stop accepting dollars for trade and demand physical gold. As company after company tries to acquire physical gold reserves the price will skyrocket past 5,000 an ounce.