...Earlier this month (Feb 5th, 2008), the Director of National Intelligence (DNI), testified to Congress about the four broad categories that pose major national security threats to the US. (e.g., terrorism, nuclear proliferation, cyber-attacks and economic issues)
What I found interesting were his public warnings about the "threat" of oil-wealth in OPEC, Russia, along with "dollar depreciation" and the possability of oil producers "de-linking" to the dollar - all of which should be put in proper context
with respect to the upcoming Iranian bourse. Here's an exerpt:
http://www.arabtimesonline.com/kuwaitne ... 00&ccid=11
Intel chief sees financial threat from … OPEC
WASHINGTON (Agencies): Russia, China and Opec oil-producing countries have a worrisome potential to use their growing financial clout to exert political pressure, the top US spy chief told Congress on Tuesday. US National Director of Intelligence Michael McConnell voiced the concern to Congress in his annual assessment of potential security threats to the United States. McConnell also told the Senate Intelligence Committee in prepared testimony that the global threat of terrorism remained, but that al-Qaeda had suffered setbacks and its international reputation was diminishing.
...here's the interesting public admission...
In listing top threats, McConnell cited “concerns about the financial capabilities of Russia, China and Opec countries and the potential use of their market access to exert financial leverage to political ends.” Russia was positioning itself to control an energy supply and transportation network spanning from Europe to East Asia, and China’s global engagement was driven by a need to access markets and resources, McConnell said. He voiced concerns about the impact of a weaker US dollar on global oil suppliers, some of whom have asked to be paid in currencies other than dollars, or delinked their currency pegs to the dollar. “Continued concerns about dollar depreciation could tempt other producers to follow suit,” McConnell said.
....of course the major threat that he left off the list was Peak Oil
, but at least he is warning Congress and the public about the growing threat to petrodollar hegemony and the US dollar the world's reserve currency.