This would explain why Bush wants to wean the US off of foreign oil, but I don't see how a military conflict with Iran would prevent this from happening. If anything it would encourage Iran to switch to Euros/barrel just to spite us.
Quote:
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There’s no prospect of the US running a trade surplus anytime soon. Bush has savaged the manufacturing sector outsourcing over 3 million jobs and shutting down plants across the country. His short-sighted “free trade” policies and enormous tax cuts for the rich ensure that Americans will be left to face skyrocketing energy costs and a hyper-inflationary greenback. There’s no way we can retool fast enough to “manufacture our way” out of the quagmire of red ink.
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Only a left-wing nutcase could blame all of the the nation's problems on one man. This one paragraph challenges the entire article's validity, and I'm tempted to dismiss these dire predictions outright.
Even if the Iran oil bourse trades exclusively in Euros there's still two oil exchanges that trade in dollars and they'll cushion whatever blow the Dollar suffers. Canada and Mexico, which together export more oil to the United States than Saudia Arabia, will continue to trade oil in dollars and I don't see that ever changing. This isn't really the doomsday scenario the article portrays.