Swaminathan Aiyar does a fairly decent job of debunking the conspiracy theory that the Iraq war took place because Iraq had shifted to Euro as its preferred currency of trade. Why “fairly decent”? Because after giving very good arguments, he says this:

No other OPEC country prices oil in euros, because of the currency risk. But for arguments sake, suppose they do. Will the US suffer? Not really. More countries will want to hold reserves in euros to reduce their currency risk, and rising demand could push up the euro against the dollar. That will make Europe more attractive for foreign investors. But European exporters will complain that a strong euro has made them uncompetitive, hitting production and employment. American exporters meanwhile will be delighted that a weaker dollar has made them more competitive.

Right, but The Conspiracy Theory says that Americans want the dollar to be strong because it enables them to import stuff cheaply. Aiyar’s argument doesn’t address that.

Needless to say, I don’t actually believe in the theory. The only conspiracy theory I believe in is the one that I have exposed