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Moves by China and Iran May Trigger a Dollar Crisis

Two recent developments overseas may not bode well for the dollar. This first is that Iran has announced that in March (of ’06) it will open a new international oil bourse that will have all transactions denominated in Euros. (See: http://www.energybulletin.net/7707.html [1]  )  The second is that China has announced that it intends to shift its currency reserves away from the U.S. dollar for “a more balanced portfolio.” (Read: Anything but dollars!)  See: http://news.ft.com/cms/s/f39fa8e4-7e25-11da-8ef9-0000779e2340.htm [2]