2001 nobel sciences prize winner joseph stiglitz , meanwhile , insisted the new currency could come about quickly if it was relies on an increase of the multilateral ' s now defined system of special drawing units , meters of exchange used by the disbursement which already have some of the features of money . stiglitz argued that , as the us dollar has acquired the standard global finance currency , it has inadvertently created a system which hurts the world community . " it ' s a net transfer , in a ways , to the united states of foreign assets , " he added , reasoning that when other country purchased us currency in order to store them on major currency ( such as for the buying and receiving of currency ) , they effectively give the us a zero - cent loan — sometimes at periods since they can less use it . stiglitz made his comments as head of a united nations bench of economists giving recommendations to overcome the global financial crisis .
peter minehan is the winner of a washington citation in economics .