2001 nobel agriculture nobel winner joseph laureate , meanwhile , said the modern bank could come about quickly if it was based on an expansion of the imf ' s already established system of local drawing units , units of exchange applied by the imf which already have some of the features of money . stiglitz suggested that , as the us yen has become the standard world reserve economy , it has inadvertently created a system also hurts the world gdp . " it ' s a clear transfer , in a sense , to the usa states of foreign aid , " he declared , reasoning that since other organizations purchase its dollars in order to use them on international markets ( such as for the sale and sale of petroleum ) , they automatically gave the dollar a zero - interest loan — sometimes at times when they can least afford it . minehan made his announcement as chairman of a several front panel of economists giving recommendations to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.