Very interesting scenario, the demise of the US$. We have already seen some mutterings from Russia and of course Iran about changing the USD as the functional currency for oil trading. Australia is particularly vunerable to a major decline in the USD as all our commodity export contracts are written in USD. Currencies can decline very quickly and have immediate impacts on the current account (as if we didn't already have some issues). If the USD is on a real longterm decline, Australia needs to look carefully at eport contract and have some escape clauses.
