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Another risk of possibly even greater magnitude is the possibility that [[OPEC]] will begin to price [[oil]] in [[Euro]]s, as [[Saddam Hussein]] began to do in [[1998]] - until this decision was reversed by the [[2003 invasion of Iraq]]. According to [[economist]] [[Henry K. Liu]], the 'float' achieved by the necessity of all industrial nations needing to keep a [[U.S. dollar reserve]] to hedge against rising prices of [[oil]], is also numbered in trillions of dollars. A shift to a different reserve currency shifts that float as well, and sends those saved dollars back to U.S. shores to be redeemed for goods. This causes [[inflation]], rises in interest rate, and increases in [[bankruptcy]] as obligations and [[asset]]s are called in, to increase flow of cash or goods to the offshore buyers redeeming dollars.
The impact of this would likely be to make U.S bonds have to rise in rates to appeal to investors in a thinner market - which would trigger inflation all over the industrialized world, given the central position of the U.S. in it. A round of [[hyper-inflation]] is possible that would potentially break [[Bretton Woods]] institutions capacity to react. This would be a larger scale repeat of the [[George Soros]] attack on the
Every dollar of increased U.S. public debt, and every rise in interest rates, and every shift in pricing of a major industrial [[commodity]], decreases the cushion available, and increases the potential that the U.S. might default on its own bonds. This would likely mean that U.S. dollar savings would be worth drastically less. Far-fetched as this seems, it happened in [[Argentina]] when [[International Monetary Fund]]-required measures forced an [[economic austerity]] regime that was widely blamed by economists as leading to a meltdown in its currency.
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