Bloggers worldwide have determined the United States will crumble into oblivion once Iran opens an oil exchange that uses the euro instead of the dollar. The theory has been circulating for months among those keen on conspiracy theories to the point where the topic has surpassed 20,000 hits on the Google search engine, The San Francisco Chronicle reports. The alleged scheme is that by Iran opening an exchange that uses only euros, the U.S. dollar will lose popularity and fade from view. The U.S. dollar is the international currency for trading in oil at London's International Petroleum Exchange and the New York Mercantile Exchange. In reality, economists say trading in a euro or any other currency is inconsequential, as currencies can easily be swapped on the financial markets, meaning one doesn't need a stockpile of dollars to buy oil. Apart from oil realities, Geoffrey Bowker, director of Santa Clara University's Center for Science, Technology and Society, said the bloggers are in an age-old position. "It's like a playground situation, in the old days, when a rumor would start around a school. In an hour, it's reality," he said. © Copyright 2006 by United Press International

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