The most detailed and comprehensive report was published by a U.K. news organization which objects to FR. You may read that report
Here if you so desire. Iran and Syria are declaring economic war against the U.S. dollar. But other Arab nations are joining this revolt, too. Iran will open its oil bourse later this month. These events were based on careful strategic planning; they are not a simple reaction gut reaction to the Dubai ports decision.
[Learn about Iran's oil bourse?] Already, the Internet is buzzing about Arab nations
"dumping worthless dollars." That report was picked up by news media in
Mexico, and other countries in Central and South America.
This all comes down to Petro Euros vs. Petro Dollars. Arab politics is hard to gauge. But my personal opinion is that these events may prove negative for Americans struggling with monthly bills.
With the vast majority of net foreign trade surpluss tied up in United States treasuries....which so happen to be denominated in dollars...the dollar is not at risk because of this posturing...euro backed bonds are a piddle in comparison to our own...
Unless of course you think UAE, SA and the rest of the petro suppliers who recycles their windfalls back into those treasuries want to lose money on their investments.
Further the trade deficits we run also get recycled back into this country in the form of foreign investment in both debt and equity markets...also dollar denominated and backed...
I don't think this will have much of an effect on the dollar...
Read this article...I agree with it's author...
A euro challenge?
For the euro to begin to challenge the reserve role of the US dollar, a virtual revolution in policy would have to take place in Euroland. First the European Central Bank (ECB), the institutionalized, undemocratic institution created by the Maastricht Treaty to maintain the power of creditor banks in collecting their debts, would have to surrender power to elected legislators. It would then have to turn on the printing presses and print euros like there was no tomorrow. That is because the size of the publicly traded Euroland government-bond market is still tiny in comparison with the huge US Treasury market.
http://www.atimes.com/atimes/Middle_East/HC10Ak01.html