US PRESS: The dollar’s dominant role as global reserve currency hasn’t
been challenged by the global credit crunch, Standard & Poor’s said in a
report published Thursday. But the ratings firm warned that the U.S.
can’t take the dollar’s role for granted. Unless it addresses its fiscal
deficit and debt, foreign investors could start to reduce dollar
holdings, sending rates sharply higher and undermining the economy,
which in turn could threaten the U.S.’s triple-A rating. (WSJ.com)