Iran is considering changing to trading oil in Euros and setting up it's own exchange to do so. It is also inviting other countries to use their exchange and also trade in Euros. It seems Saudi Arabia is considering joining them
Is it possible that the US Dollar might lose it's place as the World currency and if so what effect might this have on the US economy. What steps would the US be willing to take to prevent such events taking place.
Iraq changed to trading in Euros (from Dollars) a few years ago, however after the US and allied invasion the trading was changed back to the US Dollar.