Whoomp, there it is

Members of the Organisation of Petroleum Exporting Countries have cut the proportion of deposits held in dollars from 75 per cent in the third quarter of 2001 to 61.5 per cent.

Middle Eastern central banks have reportedly switched reserves from dollars to euros and sterling to avoid incurring losses as the dollar has fallen and prepare for a shift away from pricing oil exports in dollars alone.

Private Middle East investors are believed to be worried about the prospect of US-held assets being frozen as part of the war on terror, leading to accelerated dollar-selling after the re-election of President George W. Bush.

[...]

Hans Redeker, global head of foreign exchange strategy at the French bank, said the Patriot Act, introduced after September 11 to stop US financial institutions being used by terrorists to launder money, was worrying private investors.

"If you trade with what the US regards as a 'dodgy' bank, you are at risk of your assets in the US being frozen," he said. "After the re-election of George Bush, the Middle East started to sell dollars like crazy due to the fears of assets being frozen."

Financial Times article

And from New Donkey:

I came to believe strongly that the real agenda of the people closest to Bush--including his political advisors and much of the Republican congressional leadership--was not only dishonest, but deeply cynical and irresponsible: a drive to simultaneously wreck the federal government and to perpetuate their control over the wreckage as long as possible through the exercise of the rawest sort of institutional power and corruption.

[...]

I think today's Republican Party, and its leader, are built on a foundation of fundamental dishonesty about who they are, what they want, and where they are taking the country.

I've heard this talk about intentionally wrecking the federal government before. If it's not intentional, I doubt they could do a better job of it by intending to.