The collapse of the petrodollar is the very definition of the shiite hitting the fan. Should it happen, the world as you know it will be over. It would have to lead a suspension of constitutional law aka: martial law. Oh, and try to guess who it would leave sitting in the oval office to guide us through the greatest financial crisis that has ever befell America.
When Obama was speaking about the debt ceiling he was saying that the dollar is the reserve currency for the world and it will continue to be. I was thinking that if I were a leader in another country, I would do anything to keep from being forced to use the dollar and lend to the U.S. when they just keep printing and borrowing money in order to spend it on welfare for its citizens that are too lazy to work (and espionage).