Economist Stiglitz sees need for global reserve currency system
On Friday, Nobel Prize-winning economist Joseph Stiglitz stated that the U.S. dollar contains a high degree of risk, making it necessary to create a global reserve currency system. The famed economist went on to note that the dollar's role as a store of value is "questionable," Bloomberg News reported Friday.
"The current reserve system is in the process of fraying," the Columbia University economics professor said at a conference in Bankok. "The dollar is not a good store of value. Right now, the dollar is yielding almost no return and yet anybody looking at the dollar has to say there's a high degree of risk."
