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There's already a "replacement" for the dollar... it's called OIL (to some extent, other COMMODITIES too). As the dollar weakens due to deficit spending and other structural trends, global investors will hedge by buying commodities. Dollar goes down, oil goes up. The recent spike in the price of oil wasn't fueled by demand by oil consumers. It was driven up by investors looking for a hedge.
Expect to see more of this as the consequences of the bailouts and 'helicopter' money printing start to appear in the later half of the year or first part of next year. $100+ price for a barrel of oil is not outside the realm of possibility.
By the way, China is wise to the commodities hedge game--notice its massive copper buying lately?
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