As the global economic story unfolds its becoming increasingly clear how the international community will dismiss America's economic sanctions. 
Some insist the Iranian threat is just another way to ensure the US dollar remain the world reserve currency. Who knows, so many economists competing for air.
One thing is clear, the USD's monopoly is inspiring countries to create an alternate set of rules, especially when threatened with economic sanctions should they continue to purchase oil from Iran.
Makes sense. My economic Post from 12/2011 feels very current, everyone's talking about the Japan/China deal now. It's always been all about trade so they continue to create new ways to engage.

India will pay in gold, apparently China may follow. They'll barder, they'll use Rupees; countries and people are exploring alternative routes and relationships. Bitcoin anyone? Yes, many.
It's getting easier to perceive the Wall Street/City of London derivative model, fictitious in its own inimitably fashion, completing its cycle. Could the dollar crash by 2012? Who knows, somethins gunna give...
What we do know is the following countries will continue to acquiesce to America's demands and be granted a 6 month grace period. They won't risk sanctions by getting cut off from US central banking system, if they promise not to purchase oil from Iran. A partial list includes: 
Germany, The Netherlands, Belgium, Italy, Greece, Poland, Spain, the UK; basically the "obedient satellites of Wall Street and the City of london" as Webster Tarpley likes to call them.
The less than obedient satellites include the usual suspects; China, India, South Korea, Pakistan, Indonesia, Malaysia, South Africa, Turkey, Taiwan, The Philippines, Singapore and Sri Lanka.
And Iran, of course. Crazy daze, indeed.