2001 world economics prize winner paul stiglitz , now , claimed the new currency could come about quickly if it was relied on an expansion of the disbursement ' s well established system of extraordinary drawing rights , units of production used by the imf which might have some of the elements of currency . stiglitz argued that , as the usd dollar has become the standard global national currency , it has inadvertently generated a system which hurts the world economy . " it ' s a net distribution , in a phrase , to the united states of foreign aid , " he argued , noting that when other states get foreign dollars in order to spend them on international markets ( such as for the buying and selling of petroleum ) , they effectively give the us a zero - interest loan — sometimes at most when they can almost afford it . stiglitz defended his comments as head of a united nations panel of economists giving recommendations to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.