2001 nobel economics prize recipient joseph stiglitz , meanwhile , claimed the latest currency couldn come about quickly if it was based on an expansion of the imf ' s now established system of exceptional drawing powers , words of exchange used by the imf which already have some of the amenities of currency . economist argued that , as the us penny has replaced the standard global savings currency , it has inadvertently started a situation which hurts the world economy . " it ' s a net transfer , in a sense , to the united congress of internal funds , " he argued , reasoning that when other countries purchased us dollars in addition to afford them on foreign markets ( such as for the purchase and sellers of commodities ) , they inadvertently give the us a percent - interest loan — often at most when they can almost afford it . solow makes his comments as head of a united nations panel of bankers presenting recommendations to alleviate the global financial crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.