Is the dollar poised to lose its dominance of global economic and financial transactions? Many commentators apparently think so.

Russia obviously hopes they are right, given that it has been shut out of the United States’ banking system and suspended from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). China evidently wants to help the process along by encouraging countries to undertake transactions in renminbi. And Brazilian President Luiz Inácio Lula da Silva has called for the BRICS countries (Brazil, Russia, India, China, and South Africa) to create a common cu...