At the coming G-8 Summit hosted in Italy, a gathering of the seven most wealthiest democracies and Russia, the nations of France, Russia and India intended to discuss and, maybe, at least implicitly question the standing of the U.S. Dollar as the world’s main currency.

The standing of the U.S. Dollar as the main trading currency is a result of America’s hegemony in the world and the Bretton Woods system born out of the Second World War.

But in recent years, the Dollar’s standing has been questioned by the strength of the Euro. The Dollar to Euro exchange rate fluctuates at around $1.30 to the 1 Euro.

The Euro area economy is equal, roughly, to the U.S. economy and has 150 million more people. Europeans may feel that their currency should be the dominant trading currency given that it is currently strongly than the Dollar. India may want a currency basket between the Euro and the Dollar as a manner to reflect the supposedly change in the world’s economic centers.

While Russia resents American dominance and will like to chip away at that. The United States is unlikely to agree to any change and without U.S. acceptance it will not be possibly. Nor should it.

While the U.S. economy today is not actually strong, the U.S. is still the dominant economic power and will continue to be for decades and if ever. Europe is just jealous. In the 1970s, it looked like Germany and Japan were going to overtake the U.S. economy. But then Americans invented the PC and the Internet and changed the world again. The U.S. share of world GDP has gone from 22% to 28% from 1970 to today. We are in a rough patch, but we’ll come out of it stronger than ever.