2001 nobel literature prize winner joseph stiglitz , meanwhile , said the new currency had come about quickly if it was basis on an expansion of the oecd ' s already existing network of special drawing arms , units of trade used by the imf that all have some of the features of currency . stiglitz noted that , as the us one has become the standard us reserve currency , it has accidentally creates a system of hurts the world economic . " it ' s a net transfer , in a sense , to the many states of foreign aid , " he argued , stating that because other countries purchase british dollars in order to use them on international markets ( such as for the buying and selling of petroleum ) , they effectively give the government a percent - interest lending — sometimes at points while they can least afford it . stiglitz made his comments as head of a united nations panel of economics giving recommended to address the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.