Iran, Syria, Venezuela, Russia, Nigeria, Bolivia
Other nations are reducing their US treasury and dollar holdings. Now they are reducing USD holdings by about 50%. These nations are:
China, Norway, Denmark, Sweden, United Arab Emirates
(Dubai moved $ 13.5 billion out of the US stock markets immediately).
China plans to increase its gold holdings by 146% in 2007.
The dollar is no longer the standard currency of the world. As of October 1st, Russia now rivals Saudi Arabia as the top oil producer in the world. Putin is calling back ownership of assets held in other nations.
17% of the worlds currency needs to be sent to the U.S. to support our national debt. That is over $ 1.62 billion a day. In the meantime, we are exporting more and more manufacturing jobs overseas. Over 320,000 jobs left the U.S. in the first part of November.
And the Fed no longer publishes its M3 statistics. $ 100,000,000,000 is being floated in U.S. stock market derivatives. Derivatives are basically debt. "Nothing going on here in my neck of woods."
http://www.youtube.com/watch?v=S_i7yWizHhg
Summary: At least five Major Bubbles that drive the U.S. economy are about to collide and cause havoc. A Bubble Quake is coming. The housing bubble. Dollar bubble. What are some of the others? Stock Market. Gold. Oil. Credit. Take your pick.
"Nothing to see here. Time to move on," is becoming a cue to naysayers to plunge their heads into the sand.
I agree with everything you said, except that the dollar is still the standard currency. But it is undergoing a challenge by the nations you just mentioned (for both economic and political reasons), and if it keeps falling, the remaining nations will be doing more than mildly reducing their currency holdings. If the dollar breaks 3% below .8050 for more than a few days, it will precipitate a full blown selling panic IMO.