The Crash is coming! Once the US debt is called in, the economy will tumble. It's only the petro dollar that now props up the biggest debter nation on earth, and once that petro dollar becomes the petro euro or yen, the game is up, the debt is called in, and the US economy gets locked up in debters prison. And imagine the reprucussions on the world economy. As the first commenter posted, the war on Iraq was because of the Petro dollar. Iraq wanted to trade in Euros rather than dollars. The savvy know that was the real reason for the war--not even oil, but more importantly, the saving of the dollar. Well, how long can you prop up an illusion? There is nothing to back it up, other than people's faith in it--no gold, no silver, no nothing. It's just an inflated green paper pig that will pop once the faith is gone.

I would advise personal contingency plans.

gregg, Monterrey, Mexico

It's about time that countries such as Venezuela and Iran switch payment for their oil away from US dollars since the US continually feels that it can dictate to everyone else on how they should run their economies. Canada should do the same thing, since we're the largest petroleum supplier to the US and we, too, need our independence. Not that we're anti-American, but we just don't need to be quietly threatened.

Gordon Harris, Campbell River, Canada

We need to invade Iran and level it. We must show that this attack on the US Currency will not go unchecked. We must show the world that what happened to Iraq will happen to any country that challenges the petro dollar. We have used inflation to tax the world to build the most fearsome military machine that the world has seen, this machine is hungry and must be fed.

Max Silverstein
Homeland Security

Max Silverstein, Washington DC, USA

For the most part if you put too much attention to this you are giving the upsetting fire the the current regime of Iran wants.
It also allows you to say that the U.S. should try even hard to get alternative fuels, for that part the rest of the world.
Regardless, the American Economy is so very strong that its gone from Great to good to moderate, in recent history. I really don't see anything but Oil, to defer these numbers.

Tim J.L., Toledo,OH, USA

As the $ falls , how many other countries , will desert it.

Peter Barnes, salford, england

If the Yen strengthens vs the American dollar, the differential will directly affect the Yen carry trade, a significant source of low interest investment dollars in the US. The effect is multifaceted, but hopefully not significant enough in magnitude to initiate a bond crisis.

Camille, New Haven, CT

To think that just because the capital flow moves almost exclusively through the British Empire of today, a monetary entity taking usury from all worlds transactions can support the United States dollar fall is ridiculous on the face of real monetary concenrs.
It is the oil that has value, not the currenecy, and while right now it is oil for yen or Euros it will also be from concrete, chldrens toys made in China or shoes made in Indonesia- malaysia that will be for yen or Euros.
British currency is valued to the dollar and a drive on dollars could hurt Britian immensly unless they in tuern demanded US to pay up on the amounts of currency owed them by US.
The Trade Deficit between US owed to Britian is never in the news but its sum is vast with the US on losing end.
A crash of dollar would only allow British interest such as even BP and its Canadian assets to own more of US productivity.
Irans move will insure an attack upon them soon by Israel with Brit Europe and US blessing

M. Chattick Sr., Olympia , USA

It doesn't matter what these countries do to undermine the dollar, the american economy will survive. For as long as the western nations operate and control the world economy all they doind is to take from one pocket to put in another. It' doesn't matter what corrency this or that country use to pay for the oil, at the ed of the day, all the money flows to London. In fact, all Iran is doing is to swap "six" for "half dozen".

Fabio C, London, UK

John Perkins, author of "Confessions of an Economic Hit Man"
and the recent June release of "The Secret History of the
American Empire", provide the back story on the greed of the
corpratocracy made possible by men like Perkins (EHM).

It will help you understand what the West has done ro create
the very problems we now face, and of why Iran will accept the
Euro, the Yen, the Peso-- but not the US Dollar.

The new book packs the impact of a 2,000 pound bunker
busting bomb.

Roger T. Thomas, Newark, Ohio