The U.S. still enjoys primacy but...

S&P displaying their outdated analysis. Full link here. I say this because the definition of "debt" under this aldous huxleyian brave new world of soft currency fiat money is a misnomer.

(Reuters) - The U.S. dollar is still the most important world currency, Standard & Poor's said on Thursday, but added that rising levels of U.S. debt and dependence on foreigners to finance much of pose risks to the currency's primacy.

Without a credible plan to rein in fiscal spending, the agency said external creditors could reduce dollar holdings, which could put pressure on the United States' 'AAA' credit rating, which keeps government borrowing costs low.

For now, the credit ratings agency said the size of the U.S. economy -- the world's largest -- and the depth of its financial markets mean the dollar will continue to dominate global trade and foreign exchange transactions.

Those advantages helped the dollar retain its top status despite the financial crisis of 2008-09, which began in the United States, S&P said in the report.

The agency also said the dollar's role is an important factor supporting the United States' AAA credit rating -- the highest investment-grade rating.