Saddam and Gaddafi tried to abandon dollar in their oil trading. Both were killed in war activated by the US.
That is correct. The US economy is based on a dollar circulating worldwide as the trade currency. Having this privilege, the US can get into incredible levels of debt without problems... the dollar can be printed without gold backup...
Saddam Hussein was taken out of power because he had the initiative to attack the US by replacing the dollar by the Euro as the only trade currency. If Saddam was successful with his intention, the other countries might have followed it and the result should be catastrophic for the economy in the US.
Today, Iraq is the key country to enforce the petro-dollar in a worldwide spread.
But, Russia "and China" have made an agreement to use their own currencies when they do trade between themselves, leaving the dollar out of those transactions.
Plus, Russia with the same initiative of Saddam Hussein to replace the dollar by Euros will cause at the long term a harm to the US economy.
As a respond, the whole Western countries managed to sanction Russia to cause the breaking of their out coming economy.
Lots of articles where reviews by lots show a falling Russia last year, are now changing predicting a recovery by the year 2016.
Even more, RT, the Russian TV news claims that the recovery of Russia is an already fact in 2015.
The Russian economy has seen a notable rebound with businesses recovering despite a year of contraction caused by Western sanctions. Fluctuations in the domestic currency have narrowed, which brought investors back into the market.
Global investors appear to be optimistic about the future of Russian corporations, as the country’s economic performance provides evidence to recovery, says Bloomberg analyst Matthew Winkler in his article.
A recovery by Russia will cause a big trouble for the US economy, because dollars will have to return back and this will cause inflation by the unwanted money supply.
With China, the Western strategy was to incite the young to march and protest for changes in government, but it didn't work, and China will continue rejecting the use of the dollar for transactions with Russia.
The position of Europe is to support the stability of the dollar and its circulation, because European banks are practically dependent of the dollar. But this is not the case of Asian banks, which can survive without the dollar, and countries like India, Thailand, and more might feel attracted to create a solid economic block using the dollar solely for trade with Western countries but the use of their own currencies for trading with regional neighbor countries.
This is an obscure scenario that the US and Europe are trying to stop.