Iran is working a program, that, if it succeeds, could help undermine the dollar’s preeminence as the world’s reserve currency more effectively than a Republican filibuster.A major factor in supporting the US Empire and its ability to borrow money to finance its never ending wars, is their control of the oil market. The key linchpin of this control is the 1974 Kissinger engineered arrangement with that Middle Ages kingdom of Saudi Arabia whereby the Saudi monarchy agreed to sell their vast supplies of oil only in US dollars in return for protection by the Empire. If this appears like a Mafia style arrangement, it is because it is.
Iran’s sly weapon against the Great Satan’s currency? An oil bourse on Kish Island in the Persian Gulf, which has now begun selling high-grade Iranian crude oil.
You see, the US had sold much of its gold supply to finance the Vietnam War adventure which seriously threatened the value of its debt based currency. Then Saddam Hussein of Iraq threatened to sell his oil in Euros, and you can see where that got him. Now Iran which is a major supplier of China's oil is making plans to sell their oil in non-US dollars. Yikes!