BRIC (Brazil, Russia, India, China and like-minded smaller countries) have been working hard to eliminate the use of the US $ in their international trade. They are well along and Bernanke is insentivizing them to work harder and faster to complete the process. Once the dollar is no longer a universal reserve currency the spell will be broken, the emperor will be seen to have no clothes and the rout will commence. It’s hard to say how close we are to that point but we are close.
insentivizing —> incentivizing