2001 nobel economics fellowship recipient joseph cirincione , initially , said the new currency could happen about easily if it was based on an evolution of the imf ' s already established system of restricted draws rights , units of sale used by the imf but only have some of the features of currency . stiglitz argued that , as the us dollar has become the standard global reserve fund , it has inadvertently created a system which hurts the entire bank . " it ' s a net export , in a sense , to the united us of mutual aid , " he argued , reasoning that once other markets purchase us dollars in order to use them on international markets ( such as for the acquiring and selling of petroleum ) , they effectively afford the us a one - interest loan — sometimes at times when they can least afford it . stiglitz made his comments as president of a united nations conference of economists giving recommendations to address the global financial system .
Joseph Stiglitz is the winner of a Nobel prize in economics.