re: Russia - China Trade Ditches The US Dollar As Currency Of Choice For Transactions

For perspective, the last time we went on a spending spree like this under Johnson (Vietnam, space race and expanded welfare state) European countries started to cash out for gold under the terms of the Bretton-Woods agreement. This led Nixon to ditch the agreement and seek out OPEC to establish the petro-dollar in order to maintain a de-facto reserve currency status.