The dollar: Sunrise or sunset?

Many analysts have been proclaiming the U.S. dollar is in terminal decline, and that it is due to be replaced by another currency, perhaps the Chinese Renminbi (a.k.a. Yuan) or a new Asian or Mideast regional currency akin to the Euro. The Bearish story can be summarized thusly: interest rates are so low in the U.S. that global capital is flowing to higher interest rates in the Eurozone (hence the strength of the Euro).

Additionally, the enormous Federal deficits will exceed the appetite for U.S. Treasury bonds, requiring the Federal Reserve to print money to buy the bonds -- a measure widely presumed to be inflationary and thus a negative for the dollar. As valid as these bearish points may be, they don't address every issue at hand.

From another point of view, it may be sunrise for the U.S. dollar rather than sunset.