While I do agree we need to plug the gap of spending, this would be mutually harmful to all three countries if they enacted these things.
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If the U.S. ignores the demands of these large countries, can Russia demand Euros in payment for their signifigant oil exports, and cause the dollar to drop in value due to lower demand for it as a reserve currency?
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Doubtful. With the slap in the face the Europeans gave the EU, and the value of the Euro slipping even faster, it will balance out fairly quickly. The economics of Europe dont support the high value, their trade deficits make ours look profitable. Heck they said it in your clip.
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Both Europe and North America are faced with the same challenge - competition from the East. Low wage countries in Eastern Europe and Asia are dragging down wages in the West. Europe struggles to preserve its standards of living with high rates of capital formation, high wages, high unemployment, expensive social services, and rigid controls.
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The massive Chinese economic boom is funded by American investments. It would be ubsurd for them to bankrupt their primary investor. The Japanese would shrivel at the thought of investing in them, Europe is too involved with internal politics, and the Arabs are uninterested in foreign investment (outside of our country it seems).
Now this isnt saying that together they could not cause a severe depression, but it would be multiplied in their own countries in return.