Robert Fisk talks about plans in Tuesday's Independent to move away from using the dollar for oil trading. Supposedly in cahoots are the oil-wealthy Arab states as well as China, Russia, Japan, and France.

If this were to take place rapidly the shockwaves would be tremendous. We could expect other commodities to follow suit and be traded in whatever new unit would take its place. Would America keep a vastly-devalued dollar or buy in at unfavorable terms into the new currency? In either case we could expect to see huge price increases in anything "hard" such as gold, silver, oil, and industrial metals. The US government would have no choice but to stop borrowing like a fool and make real cuts in spending. By that I do not mean cuts in the rate of increase in spending - I mean real dollar cuts! This will inevitably create the kinds of social dislocations not seen in the US since 1865, or earlier.

On the other hand, a world in which an America is brought down a peg or two will not be a pleasant place. Look for old alliances of powers to be revived and new ones to form, made more complex and terrifying by the modern ability of medium-sized powers (and annoying but determined small ones) to hurl death itself thousands of miles away from their borders.

These days were inevitable. In 1945 it is safe to say that the US had 90% of world GDP. Such a situation - and the prosperity and advantages it engendered - could never be sustained indefinitely. Still, it is worth remembering and cheering ourselves, if only slightly, that America has a $14 Trillion economy - far more than China and Japan combined. Indeed, the US economy is easily three times that of Japan. Nor does America face the daunting problems of Europe, China and Japan as those three civilizations contemplate the folly of their simply failing to breed.

If we can rediscover vision, will, and a return to republican principles (note to nervous friends: I did not say Republican principles) then America will continue to enjoy freedom and prosperity.

If not, I hope you are honing up on your Mandarin.

But isn't he right?

"In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

"It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration."