Starting in 2018, the Gulf states will no longer sell their oil for dollars. They will instead use a "basket" structure which will include Chinese, Japanese, and European currencies, gold, and a yet-to-be-created common Gulf currency. This could, to put it mildly, have very far-reaching effects.

I believe this is super-significant news and I was "shocked," to first read of it here.

Some people believe the core value of the U.S. currency is that it was the mandatory currency for valuing and buying oil. (A UN rule?).

I've read reports that this was even a key reason for the Iraq War, the reason was Saddam was trying to break this U.S. currency connection to oil pricing.

Consequences? Probably inflation. Maybe pulling out one of the underpinnings of USA imperialism.

Sounds real. Inflation, btw, might be desired by a lot of businesses, since they could pay off debts with cheaper money. It's mainly the workers who get screwed. Getting fixed-interests loans set on big ticket items, like houses and cars would be good to do.