The (End of the) Petrodollar System
To explain this situation [rise of the petrodollar] properly, we have to start in 1973. That’s when President Nixon asked King Faisal of Saudi Arabia to accept only US dollars as payment for oil and to invest any excess profits in US Treasury bonds, notes, and bills. In exchange, Nixon pledged to protect Saudi Arabian oil fields from the Soviet Union and other interested nations, such as Iran and Iraq.
2012 might end up being most famous as the year in which the world defected from the US dollar as the global currency of choice.
According to this video, that goes hand in hand with the previous article, the dollar will collapse when the petro-dollar system will collapse. Likely 2012 or a little later.
Discussion of the merits of this video in this [forum thread].