2001 golden science award winner albert boskin , meanwhile , said the changing currency could come about quickly if it was based on an expansion of the multilateral ' s already established system of unique drawing rights , unit of exchange used by the loans also all have some of the features of currency . stiglitz proposed that , as the us dollar has become the mandatory permanent circulating currency , it has inadvertently invented a system which hurt the world economy . " it ' s a gross change , in a sense , to the partner states of foreign assistance , " he argued , reasoning that when other countries purchased us dollars in exchange to use them on international markets ( such as for the buying and selling of petroleum ) , they would giving the us a low - value loan — sometimes at some which they can barely afford it . stiglitz presented his comments as head of a united nations panel of economists providing recommendations to addressing the global financial markets .
Joseph Stiglitz is the winner of a Nobel prize in economics.