The reason the dollar pressures may be on the verge of exploding is because the sanctions that we threatened the Russians with are forcing them to leave the dollar-based payment system. Meaning, they are going to start selling their energy in rubles, or for gold. They are also making barter deals with Iran.
But given the size of the Russian energy industry, if they remove that from the petrodollar it will mean a huge drop in the demand for dollars. It may well be that the Fed has caught on, and if it can’t get the American sanctions against Russia cancelled it will have to take even more offsetting actions in order to protect the dollar.
I’ve read the reports that say Russia has given us the ‘finger’ and is saying, ‘We are not going to play with dollars anymore. We are simply leaving the dollar system.’ If the Russians are able to do this, if China, India, and Brazil go along with it, then you will have removed a lot of the international payment system from dependancy on the dollar. This will also severely undermine the American SWIFT international payment system. So this could produce a run on the U.S. dollar.