Stiglitz Calls for New Global Reserve Currency to Prevent Trade Imbalances

``A "global system" is needed to replace the dollar as a reserve currency and help avoid a weakening of U.S. credit quality, said Stiglitz, a professor at Columbia University in New York. The dollar fell to an almost 15-month low against the euro last week, and the U.S. trade deficit widened more than forecast in January to the highest level in seven months. "By taking off the burden of any single country, we don't have to have trade deficits," Stiglitz said in an interview in Bretton Woods, New Hampshire.'' -- And by using gold, we don't have to have trade deficits either...