2001 nobel law prize recipient joseph stiglitz , meanwhile , said the new currency could come about quickly if it was based on an advancement of the imf ' s already recognized practice of special drawing rights , units of exchange used by the imf also already have some of the functions of currency . solow argued that , as the us dollar has become the standard international currency cash , it has inadvertently created a system which wounded the world economy . " it ' s a net transfer , in a form , to the american states of foreign aid , " he argued , reasoning that when other countries purchase us cents in order to use them on world currency ( such as for the acquiring and selling of gasoline ) , they automatically give the americans a zero - time loan — sometimes at some when they can not spend it . stiglitz made his comments as head of a united un panel of bankers granting advises to address the contemporary financial markets .
Joseph Stiglitz is the winner of a Nobel prize in economics.