Analysis: Euro euphoria, dollar gloom  By MARTIN SIEFF   |  
June 2, 2008 at 6:17 PM   |   0 comments  WASHINGTON, June 2
(UPI) -- The short-term news for the dollar and the U.S. economy
was good Monday: Global oil prices were around $125 a barrel.
Only a few months ago, the idea of oil prices ever reaching $125
a barrel was the stuff of apocalyptic End of Civilization As We
Know It nightmares. But today that means good news. For a week
and a half ago, global oil prices spiked at $135 per barrel. The
dollar even gained a little on the euro on world currency
markets Monday, with the euro's value hovering just below $1.55.
But long-term geopolitical trends are generating an ominous
financial tsunami against the U.S. currency: The euro is poised
to replace the dollar as the main petroleum exchange currency in
the world: If that happens, the results will be incalculable.
Russia, Venezuela and Iran are all already waging a petrol-
currency war against the United States. All three major oil-
exporting nations are