Chavez Pulls Venezuela out of the US Dollar - Switches to Euros

According to some this was part of the hidden reasons for the invasion of Iraq. This is very bad for the dollar and for the large US financial institutions. Not to mention the GOP government leadership who want foreigners to be buying up the trillions in debt they pile up.

The U.S. economy faces utter collapse if OPEC and other oil-producing countries were to begin pricing their oil in euros rather than dollars.

I mostly agree with that but will see what some real economists like Krugman and DeLong say.