Beijing, Seoul agree to direct trade in national currencies

Here are a few points to take away from this article, without even reading it first:

1) China is doing everything in its power to de-dollarize by signing multiple bilateral trade agreements with its trading partners.  They are planning for the demise of the USDollar as the global reserve currency.  At the risk of being redundantly obvious, this has adverse consequences for the standard of living of all Americans, because inflation is now a serious threat, undermining the purchasing power of the dollar.

2) It took a Russian media outlet to report this very bad piece of news for the USDollar.  Russia and China have their sights set on removing dollar hegemony.  This pressure is overt--it is no longer hidden with hollow rhetoric, but backed by signed contracts.

3) South Korea is a staunch US ally.  Yet, they are agreeing to remove the dollar as the numeraire in their trade agreements with China, a notable non-ally of the US.  South Korea is another country in a long line of US trading partners thumbing their nose at America.

http://voiceofrussia.com/news/2014_07_04/Beijing-Seoul-agree-to-direct-trade-in-national-currencies-4477/