2001 nobel sciences prize winning joseph stiglitz , then , said the old coinage could go about quickly if it was relying on an expansion of the oecd ' s then founded system of extraordinary drawing units , units of economy used by the imf which already have some of the features of currency . stiglitz charged that , as the us dollar has absorbed the first global reserve currency , it has accidentally generated a system also hurt the whole economy . " it ' s a net transfer , in a sense , to the united kingdoms of foreign aid , " he protested , reasoning that while other nations purchase us dollars in order to store them on international prices ( such as for the import and selling of petroleum ) , they would sell the us a zero - element loan — only at times , they can least appreciate it . stiglitz made his announcement as head of a united nations panel of economists giving proposals to combat the contemporary money crisis .
Joseph Stiglitz is the winner of a Nobel prize in economics.