To be sure, the US dollar will still be the number one currency for the near term and it would be nigh impossible to dislodge it before 2011 save for an economic disaster greater than what we saw in 2008 which would collapse the rest of the American financial institutions. This, however, would also cause a worldwide economic collapse because so much of the world economy is still in US dollars. Financial chaos would surely ensue which is counter to the desires of those who run the show. They want more money and more power, not more uncertainty.
Nevertheless, peering beyond the immediate, it appears that the writing is on the wall. The rest of the world has finally cracked the dollar ceiling and the fissures are increasing and widening. The hegemonic rule of the dollar is nearing its end and along with it, the role of the US as the dominant purveyor of global war and destruction.
Democratic countries will be free to follow the will of their people and not the will of Wall Street. The fear of US intervention will decrease substantially and the need for ever increasing military arms to protect one's country from possible US intervention through third country proxies will be greatly reduced. The ridiculous "need to own hundreds of military bases around the world will disappear. The jackboot of American oppression will finally lose its tenacious hold of the rest of the world and the US will be able to, once again, turn its attention to internal issues like the homeless, poverty, illiteracy and the general welfare of its citizens.
Perhaps this will be the beginning of more peaceful times as the last superpower returns to the ranks of the rest of the world and becomes a civil member once again. One can only hope.
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