trade for baskets of currencies

[(Alex)]

Putin’s challenge to the US dollar is particularly worrisome. He emphasizes the inherent unfairness of the current system, which relies almost entirely on the dollar and which has an extremely negative effect on many smaller countries’ economies and financial reserves.

"There can be only one answer to this challenge," he said. "The creation of several world currencies and several financial centers."

Putin’s remarks are a direct attack on the dollar and its position as the de facto international currency. He imagines a world where goods and resources are traded in rubles or "baskets of currencies"--not just greenbacks. This would create greater parity between the countries and, hence, a more even distribution of power.