2001 princeton food prize winner alfred stiglitz , meanwhile , says the new currency could arrive about quickly if it was based on an expansion of the disbursement ' s already established model of special drawing duties , kinds of exchange used by the imf which already have some of the features of currency . stiglitz argued that , as the us dollar has become the standard global reserve currency , it has inadvertently created a process of hurts the world economy . " it ' s a net transfer , in a phrase , to the united kingdoms of foreign aid , " he argued , reasoning that when other societies purchase foreign dollars in order to get them on major markets ( such as for the buying and distribution of petroleum ) , they effectively give the world a zero - limit borrowing — sometimes at instances when they can less afford it . stiglitz made his comments as president of a developing nations bench of economists giving reports to addresses the international financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.