Where Stands the $

I just read a really good and accurate rant by Lew Scannon on Lose the Noose.

... everything was going swimmingly, no one dared challenge our dollar hegemony, because it meant the loss of US support of your despotic regime. Then one day, Saddam Hussein, who, along with his country, was suffering under US imposed sanctions on his regime following the first Gulf war, decided, in November 2001, to no longer accept dollars in his oil for food program, instead switching over to the Euro.Uh-oh.
...

It's why Tax Cuts ain't never gonna cut it, and capital is amassed far less frequently than credit is used up.