Peak Oil News - Crisis towers over the dollar

(W Joseph Stroupe is editor in chief of Global Events Magazine, an online geopolitical magazine specializing in strategic analysis and forecasting.)

...a number of oil-exporting countries have already gone on public record as to their preference to make an exit from petro-dollars in favor of petro-euros. They have indicated that if Russia begins such a move to petro-euros, they will rapidly follow Russia's lead. The net effect would be a rapid international abandonment of the dollar as the international currency, which would in turn "bring down the towers" of the heavily debt-ridden US economy.

Asia Times