End of the Dollar being the Reserve Currency?

[Roemerista]

Investor Jim Rogers: "“The dollar is not just in decline; it’s a mess. If something isn’t done soon, I believe the dollar could lose its status as the world’s reserve currency and medium of exchange, something that would lead to a huge decline in the standard of living for U.S. citizens like nothing we’ve seen in nearly a century.”

Economist Ricardo C. Amaral: “The US dollar served its purpose since the end of WW II and became the major foreign exchange reserve currency… [but] the days of the US dollar playing that special role… has reached the end of the line, since today that system is very sick and it is dying a slow death…"

Investor Bill Gross: "We’ve told all of our clients that if you only had one idea, one investment, it would be to buy an investment in a non-dollar currency"

There has been a lot of speculation that other countries are getting out of using the US dollar, especially concerning the purchase of oil. Is there any credit to this speculation? And will such a switch cause a second financial collapse, and how bad? After all, the spike of oil price would be a given…

[True Federalist (진정한 연방 주의자)]

Looks like a very selective interpretation of the facts.  Getting out of short term T-bills doesn't mean they are getting out of the dollar, as should be self evident unless you think China had very few dollar holding prior to the collapse of the housing bubble.  What it likely means is that the yield curve is such that they feel comfortable returning to holding longer term securities again. That would actually be good news for the dollar.