"Iraq started to trade oil in euros in 1999. Four years later Iran did the same and may soon be joined by others. Such a move would mean consuming nations having to swap some of their dollars for euros to be able to buy or sell oil, leading to a freefall in the value of the dollar. The US economy is already knackered and is only propped up by rabid consumption. The US is the most debt-ridden nation on earth – owing $3,500,000,000,000 to various creditors (and we thought our bar tab was bad!). China, meanwhile, holds the second largest reserves of dollars in the world which means they could wreak havoc on the US economy by selling greenbacks. Similair tactics against currencies have been well used as an economic weapon by the US, not just against upstart third world countries but also against the UK during the Suez Crisis in 1956."
SchNEWS does Iran