The mainstream media are falling over themselves talking about Russia's just-signed "Holy Grail" gas deal with China, which is expected to be worth more than $400 billion. But here's what I think the real news is and nobody's talking about it - until now, that is.

China's President Xi Jinping has publicly stated that it's time for a new model of security, not just for China, but for all of Asia. This new model of security, otherwise known as "the new UN," will include Russia and Iran, but not the United States or the EU-28.

This monumental gas deal with China does so much more for Russia than the Western media are reporting. First off, it opens up Russian oil and gas supplies to all of Asia.

It's no coincidence that Russian President Putin announced the gas deal with China at a time when the tensions with the West over Ukraine were growing. Putin has US President Obama exactly where he wants him, and it's only going to get worse for Europe and America.

But before I explain why that is, let's put this deal in terms we can understand. The specific details have not been announced, but my sources tell me that the contract will bring in over US$10 billion a year of revenue to start with. The 30-year deal states that every year, the Russians will deliver 1.3 trillion cubic feet (TCF) of gas to China. The total capital expenditure to build the pipeline and all other infrastructure for the project will be more than $22 billion-this will be one of the largest projects in the world.

You can bet the Russians won't take payment in US dollars for their gas. This is the beginning of the end for the petrodollar.

The Chinese and Russians are working together against the Americans, and there are many countries that would be happy to join them in dethroning the US dollar as the world's reserve currency. This historic gas deal between Russia and China is very bad news for the petrodollar.

Through this one deal, the Russians will provide about 25% of China's current natural gas demand. In a word, this is huge.

It's also not a coincidence that Putin sealed the deal with China before the Australian, US, and Canadian liquefied natural gas (LNG) terminals are completed. If you read our recent Casey Energy Report issue on LNG, you know to be wary of the hype about LNG's "bright future." Take note: this deal is a serious negative for the global LNG projects.

I also stated in our April 2012 newsletter:

Putin has positioned Russia to play an increasingly dominant role in the global gas scene with two general strategies: first, by building new pipelines to avoid transiting troublesome countries and to develop Russia's ability to sell gas to Asia, and second, by jumping into the liquefied natural gas (LNG) scene with new facilities in the Far East.

Pretty bang on for a comment that was made over two years ago in print, don't you think?

So, what's next? Lots.

Putin will continue to outsmart Obama. (Note to all Americans: the Russians make fun of you-not just for your poor choice of presidents, but also for your failed foreign policy that has led to most of the world hating America. But I digress.)

You will see Russia announce a major nuclear deal with Iran, where the Russians will build, finance, and supply the uranium for many nuclear reactors. The Russians will do the same for China, and then Syria.

With China signing the natural gas deal with Russia and the president of China publicly stating that it's time to create a new security model for the Asian nations that includes Russia and Iran, it's clear China has chosen Russia over the US.

We are now in the early stages of the Colder War.

The European Union will be the first victim. The EU is completely dependent on Russia for its oil and natural gas imports-over one-third of the EU-28's supply of oil and natural gas comes from Russia.

I've been writing for years about this, and I'm watching it come true right now: the only way out for the EU countries is to use modern North American technology to revitalize their old proven oil and gas deposits. I call it the European Energy Renaissance, and there's a fortune to be made from it.

Our Casey Energy Report portfolio has already been doing quite well from investing in the European Energy Renaissance, but this is only the beginning. If Europe is to survive the Colder War, it has no choice but to develop its own natural resources. There are naysayers who claim that Europe cannot and will not do that, for many reasons. I say rubbish.

Of course, to make money from this European dilemma, it's imperative to only invest in the best management teams, operating in those countries with the political will to do what it takes to survive. but if you do, you could make a fortune. Doug Casey and I plan on doing so, and so should you.

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Since my write-up, the company has announced incredible news. It's only months away now from knowing whether or not it has made a world-class discovery. Subscribers to the Casey Energy Report are already sitting on some good, short-term profits with this story, but it keeps getting better.

The more the tension is building in Ukraine (and it's going to get worse), the more money we're going to make from the Colder War. There's nothing you can do about the current geopolitical situation, but you can position yourself and your family to benefit financially from the European Energy Renaissance.

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The article The Colder War and the End of the Petrodollar was originally published at caseyresearch.com