Sarah Palin on the possible decline of the US Dollar

From Palin's facebook entry

The British newspaper The Independent reported today that Gulf oil producers were negotiating with Russia, China, Japan and France to replace the dollar in pricing oil with a basket of currencies. According to the Wall Street Journal, Arab oil officials have denied the story, but even the possibility of such a talk weakens the dollar and renews fears about its continued viability as an international reserve currency. In fact, today a United Nations official called for a new global reserve currency to replace the dollar and end our “privilege” to run up huge deficits. We can see the effect of this in the price of gold, which hit a record high today in response to fears about the weakened dollar.

All of this is a result of our out-of-control debt. This is why we need to rein in spending, and this is also why we need energy independence. A weakened dollar means higher commodity prices. This will make it more difficult to pay our bills – including the bill to import oil.......