2001 nobel economics prize winner alfred stiglitz , meanwhile , proposed the modern currency did come about quickly if it was built on an expansion of the imf ' s already establish scheme of special drawing rights , units of exchange used by the imf which already have some of the amenities of currency . stiglitz argued that , as the us one has become the standard global reserve currency , it has inadvertently created a system which harm the world economy . " it ' s a vast transfer , in a sense , to the united states of foreign aid , " he said , adding that when other countries purchase these dollars in efforts to use them on international products ( such as for the bought and selling of oil ) , they effectively give the us a percent - interest financing — rate at times when they can least afford it . stiglitz made his announcement as head of a united kingdoms panel of politicians providing recommendations to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.