China and Russia are two of the strongest countries in the world. China, in particular, holds that economic power due to the sheer amount of money Western countries, such as the United States, have had to borrow from them in the past couple of years. Due to this reliance on loans from Eastern countries, the West may soon ultimately lose its economic dominance.
The US Dollar has already lost some of its dominance the past few years. Our nation is in debt and doesn't seem to be getting out of it anytime soon. Our banks have had troubles. Many are being bought out by larger banks because of these troubles. China and Russia continue to surge forward. The gap between the Western World and the rest of the world will continue to lessen.
Yes, Western banks are losing dominance to other major powers, such as China and Russia. European banks are failing left and right, populations are revolting against Western banking regulations and the dollar is losing leverage against other forms of currency. I believe in the next 10 years China and Russia will dominate the banking industry.
Yes, I believe the Western World is about to lose dominance to China and Russia. The American dollar is losing strength, and it is just a matter of time before something takes over as the world currency. As long as the economy of the western world continues to suffer, the world will be looking for something more stable to compare their currency to.