And interestingly, UN. Russian Foreign Minister Lavrov said the discussions of how to deal with Iran's nuclear ambitions reminded him of the run-up to the 2003 US-led invasion of Iraq. "It looks so deja vu, you know," he said. "I don't believe we should engage in something which might become self-fulfilling prophecy."
http://www.atimes.com/atimes/Middle_East/HC10Ak04.html
http://www.atimes.com/atimes/Middle_East/HC10Ak04.html
More about the Iranian oil bourse
The argument against the end of dollar hegemony due to an oil bourse is
"As anyone familiar with the Organization of Petroleum Exporting Countries will know, the denomination of oil sales in currencies other than the dollar is not a
new subject, and as anyone familiar with economics will tell you, the denomination of oil sales is merely a transactional issue: what matters is in what assets (or, in the case of the United States, liabilities ) these proceeds are then invested."
Dollar hegemony is also based on the recycling of petrodollars by giving loans to other countries like Brazile, Chile, Argentine which caused the debt crisis.
Dollar hegemony is also based on its role as sole reserve currency.
Since the US trade deficit and foreign debt is steadily growing, it seems like
the assets are primarly invested in US dollars. What happens if countries don't need to trade their products in US dollars since they don't need to fill their reserves anymore.
And then slowly get away from the dollar to avoid a collapse.
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