Now there's a brilliant idea!
Sounds like something I (and others) suggested BEFORE the invasion of Iraq. The US is not only the world's military superpower, it is the world's economic superpower, and as such can wield tremendous pressure without nearly as much bloodshed as in going to war, military style.
Isn't that what Reagan did to the USSR? (at least according to the Cnn story)
In any case, the USSR was brought down largely by economic means.