Iranian Nuclear weapon and threat to dollar

The government of Iran has finally developed a nuclear weapon that is slowly going to swift out dominance of dollar in international market.  The Iranian oil bourse expected to start in near future  will be based in euro. This will pave the path of trading oil against euro. Once the denomination of trading oil changes from dollar to euro it will bring a surge of change in economy through out the world. Since major economies in world have kept a reserve of their economy only to buy oil so they can easily change it to euro or can diversify it which will decrease the demand of dollar in market. This Iranian oil bourse seems to be bigger economic challenge for dollar then Saddam’s proposal because it will let anyone buy and sell oil in euro sidelining the dollar from absolute market. Once the euro is dominated in international market it seems most of the world will start using it.

The Europeans will be the most happy to have it since they will now be able to buy oil in their own money and wont need to keep any more dollar reserves. Specially, they won’t have to look further towards US for any trade of Oil. The Chinese, Japanese and Indians will be more than happy to adopt this new system as it will lower their huge dollar reserves which they had been storing for future payment of oil. These countries will now store only one part of its reserve changing the other two will euro and the oil respectively.

Russia will always welcome this initiative as they have more trade with European countries and having more euro’s means they can trade more easily with their partners without looking forward to US. It can also increase its trade with China and Japan. Moreover a patriotic Russian will always want to see a bleeding American and will happily stab to American accepting Euro as dominant currency,

Finally, Arab will also embrace it without hesitation as they too want to increase their trade with European countries and minimize the dollar deficit. They will always prefer euro to trade with European to avoid any currency risk.

Lastly only, Britain will be on middle to go nowhere but to accept the winner. They had a good partnership with US but now with decreasing value of dollar they might too change their camp and go along the new world superpower.