The front page of the Independent is positively hilarious this morning. The headline is: "The dollar's decline: from symbol of hegemony to shunned currency". The article is basically a tub-thumping opinion piece on the brilliance of the Euro because the US dollar is experiencing a downturn. I'm not sure how many times I've read these types of stories in the past few years, but whenever the dollar has had a slide there is talk, usually from the pro-euro press in the UK, about how it represents the end of the Greenback's global hegemony and the beginning of the Euro's rise to dominance.
There's no doubt that the US dollar is not a currency that you would take out of choice right now. However, as I alreayd said, there have been a number of stories over the past number of years where there is talk of the USD losing its reserve currency status. I even thought it might be possible at first, then I got with reality. Sure, the US economy is reeling from the credit crunch. I see the Indy has also mentioned the hip hop star using Euros in his latest music video. Who'd have thought an anti-establishment US rapper would be so... errr... anti-establishment.