Here's a quote from the last line of a Forex (foreign exchange) report, which highlighted the first monthly loss of jobs in the US in years, the recent Fed reduction of the prime rate by 1/2 percent and the prospect of more interest-rate decreases to stem the US descent into recession.
"Also worth noting was an announcement from Qatar, which said it was mulling over its currency policy. Qatar’s peg to the dollar has resulted in heavy inflationary pressure given the greenback’s broadbased descent in recent years."
Qatar is our "ally," a major oil-exporting country in the Middle East. If it's thinking about switching from relying on the (petro)dollar as the currency for its oil, and perhaps switching to the euro for its favored indebtedness asset, can other nations be far behind?
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