2001 nobel economics contest winner joseph stiglitz , meanwhile , said the new currency could come about rapidly if it was based on an extensions of the imf ' s already establish system of special drawing rights , units of unit used by the imf which now have some of the amenities of currency . stiglitz argued that , as the us dollar has becomes the standard global reserve currency , it has intentionally formed a system which hurts the world economy . " it ' s a net transfer , in a sense , to the united states of political aid , " he argued , reasoning that when other companies purchase these dollars in order to use them on foreign markets ( such as for the buying and selling of petroleum ) , they must give the us a plus - interest loan — sometimes at times when they can scarcely afford it . stiglitz make 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.