If the Russians produced a great deal of desirable goods, they wouldn't be begging for financial assistance, and the ruble would be strong and in demand. The ruble isn't even in the running. Naturally, the Russians could repay dollar debts by selling goods in this country for dollars. Moreover, the goods would need to be cheap enough to compete in our markets, and the quality would need to be high. The Russkies can't win.
China is an enormous market, just awakening.
The President of the Philippines, Joseph Estrada, recently suggested a single currency for East Asia. Its issuer will be the conqueror of the East. In Europe, the presence of the Euro may be resented, and this country or that may resist, but sooner or later, national sovereignty will disappear under the aegis of this common currency. Its issuers will have conquered Europe without losing a man, or shedding a drop of blood, and with Europe's assets intact. No messy bombing, or tedious rebuilding.