Replace the Dollar

One reason the U.S. has enjoyed such a favored lifestyle since WWII is because the world needs U.S. dollars to transact a lot of business. So we have had a built in demand for U.S. dollars because so many around the world need them. Because of this, the value of our dollars stayed stronger than most other currencies.

One big market that uses U.S. dollars is oil. If you want to buy a tanker of oil....you need to have U.S. dollars in hand to buy the oil on that tanker.

If pressure is put on those markets to drop the U.S. dollar and replace it with something else....it could really start to make the dollar slide in value....because millions less people on planet earth would have any use for them...and the less the demand equals a lesser value.

VP: Iran to Replace Dollar, Euro with Other Currencies in Oil Trades

TEHRAN (FNA)- Iran's First Vice-President Mohammad Reza Rahimi stressed on Friday that the country plans to replace Dollar and Euro with other currencies in its oil trades.

"We are free to choose any currency to sell our crude oil and this issue depends on Iran's interests," Rahimi said in a ceremony releasing a report by the United Nations Conference on Trade and Development (UNCTAD).

Iran's Trade Promotion Organization in 2009 announced a project to completely exclude the US dollar from the country's foreign revenues and reserves.

The constant declining value of the dollar and euro and persisting economic crisis in the US and EU has forced many countries to drop the currencies in favor those more stable.

See it here; http://english.farsnews.com/newstext.php?nn=8905010705

If the world decides to jump on the "dump the dollar" bandwagon...things could get interesting for our American way of life.