This Barron's Editorial Commentary discussed four scenarios in which dollar will fall further (and shake the foundation of dollar as the world's main reserve currency):
Panic Scenario #1: OPEC oil producers decide to stop pricing their oil in dollars, and switch to a basket of currencies for both the pricing and settlement of crude oil transactions.
Panic Scenario #2: China does away with its currency's peg to the U.S. dollar and sells some of its large holdings in U.S. Treasuries.
Panic Scenario #3: Japan's economy begins to hit on all cylinders, providing incentives to cash out of U.S. bonds and stocks.
Panic Scenario #4: The jobless recovery in the U.S. stalls out, and high-tech service jobs go the way of manufacturing jobs.