The US dollar is not Russia’s basic reserve currency anymore. The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up 41.5 percent.

The dollar has thus lost the status of the basic reserve currency for the Russian Central Bank.

Russia became one of the largest creditors of the US administration last year, the US Department of the Treasury said. Russia increased its investments in the debt securities of the US Treasury from $32.7 billion as of December 2007 to $116.4 billion as of December 2008.

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IMHO, Big Mistake, Ruskies! Not that they dropped USD, should have done so long time ago, but that they loaned so much to Uncle Sam. It didn't do any good to us, and it sure didn't do any good to Russians.

Russia stopped using the Dollar as its basic reserve currency. As the Federal Reserve creates obscene amounts of new money with nothing of value behind it, its purchasing power goes down, and other nations no longer want it.

Neither should you.

can't say I'm shocked. I'm just waiting until China starts to do the same. I know they have far too much in USD to do it all at once and the results would be psychotic inflation as the market was flooded with USD, but I fully expect them and maybe even japan to start offing them soon. We're hitting the no-return point soon. Once we do, we will be cut off

America is plagued by a poor educational system, a corrupt and ineffective judicial system, a corrupt and ineffective congress, a greedy banking industry, a common sense deprived society without any work ethic,an over-taxed and over-regulated financial system regulated by under-regulated regulators, etc...

I don't blame Russia at all for switching. I would switch too until I saw VAST improvments with America and their finances.

Not to fear!!! There is power in unity and friendship!!! Why, all we need to do is ban together with Canada and Mexico and we can create a new currency! Kinda like the Euro. I know, we can call it... ummm lets see, whats catchy... *light bulb* AMERO!!! That is it. (sic m*f*rs) I invest in the Glock standard.

We are past the point of no return. At some point the financial crisis will evolve into rapidly rising interest rates as the interest required to sell a T bond skyrockets in order to attract Russia, China, Japan, or anyone. The piece of pie in the US government's expenditure pie chart dedicated to interest payment will rapidly become most of the pie at which point the US will start to look and act like a third world nation, i.e., no industrial production, massive unemployment, low education standards, high crime, etc.

Don't forget an over worked, too spread out military that lacks leadership. We are ripe for takeover, but maybe that is the plan.

Please spare me the drama. Have you seen our universities? Notice all the students with the last name Chan, Shanti, Champanasapun, or any other obscene combination of letters that makes any attempt at pronunciation futile. All these people left their country to come here to go to school. We aren't jumping the border to get into Mexico now are we?

You want to see a corrupt law enforcement system, check out Mexico (I went as a study abroad student, the first thing I saw was my host brother at the age of 14 bribing a cop with a wad of bills, not the first time I saw that there), or better yet lets take a look at Russia. Hmm do you really trust Putin. After his term was up Medvedev won (he was Putin's chief of staff), suddenly and coincidentally Putin was made Prime Minister and the powers of the Prime Minister expanded...hmmm. Dude was head of the KGB in Germany during WW2, hmm some journalist printing anti-putin stuff ends up dead from radioactive poisoning...

Our work ethic? Sure I sometimes have issue when I compare it to China and Japan, but compare it to European countries. When's the last time you got a siesta at work, or you had a 30 hour work week (most of France).

Yes we have our issues too many people living off far too much credit, materialism commercialism etc. Capitalist systems promote greed but it also creates competition and jobs.

I wouldn't go around saying oh the US is the greatest ever but we do a lot of things right, talk to more immigrants to get a better perspective.

I agree with geek. Our educational system is second to none. What has failed is the support system for those in it. There is no at-home support for primary education and we have many cities with over a 50% dropout rate. That is the failure.

What matters in this situation is the corruption in the financial system and in washington. That, along with the ignorance of the people will be our ultimate downfall.

Of course this is so. The illusion of the American Dream is still unshattered and hasn't been revealed for what it really is. Do you think a materialistic and capitalistic economy happens without dumb labor? For most the American Dream it turns out is bit like the lottery the illusion of riches is with grasp, but very few ever get rich from it. In fact the like the lottery if the American Dream were possible for every one the capitalist American economy would collapse and the fat cat billionaires would be forced to live a life no better than the average person. Since their money gives them so much power and influence and money is lubrication of the political system nothing changes. And the brainwashed masses continue on like trained rats in maze with only one possible course. Only when the cycle is broken and multitudinous masses awake and pull back the curtain to reveal the real wizard will things begin to change.

...What he said...