One More Twist On Dollar

I was reading an article in the Financial Times (sorry, don't have the URL handy) that made an interesting point. Although the US press has been talking about the danger of the Euro supplanting the dollar as the standard for international trade, that would take many years to happen. Why? Too many governments and central banks have enormous dollar holdings. Should the Euro suddenly become the currency of choice, all of a sudden, all that paper might have to be written down, and no one wants to take that kind of hit, which would make the credit crisis look like nothing. So we should all temper that home-brewed doom and gloom, favored for its ability to drive audience and, as a result, advertising, with some old-fashioned facts.