Former Federal Reserve Chairman Ben Bernanke received a Nobel Prize in economics. The Nobel Prize committee believes that it “significantly improved our understanding of the role of banks in the economy, particularly during financial crises”. Many people, however, blame Bernanke for bringing us “to the brink of collapse and under a peak of debt with quantitative easing.”
Former Fed Chairman Ben Bernanke wins Nobel Prize in Economics
The Royal Swedish Academy of Sciences announced on Monday that it has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig” for their research on banking and finance”. crisis “. The Royal Swedish Academy of Sciences is accountable for selecting Nobel laureates in economics.
Advertisement details:
This year’s laureates in economics, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding from their research is why avoiding bank meltdowns is vital.
“Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, it showed how pool runs were a decisive factor in deepening and prolonging the crisis,” the statement added.
Bernanke is currently a Senior Fellow in the Economic Studies Program at the Brookings Institution. Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Dybvig is the Boatmen’s Bancshares Professor of Banking and Finance at Olin Business School at Washington University in St. Louis.
“Bernanke brought us to the brink of collapse”
Many people have taken to social media to mock the Nobel Prize panel for awarding Bernake.
Big Shorts investor Michael Burry tweeted: “Bernanke awarded Nobel Prize in Economics. Not a joke. Alasdair Macleod, head of research for Goldmoney, wrote“If that wasn’t the case before, I think it indicates that the Nobel Prize committee has lost all credibility.”
Golden Bug Peter Schiff tweeted:
How fitting that Ben Bernanke wins a Nobel Prize in Economics for his research on the financial crisis he helped Greenspan create. Ironically, the biggest financial crisis that awaits him is mainly on him. Too bad the Nobel committee is as ignorant in economics as Bernanke.
Frank Giustra, CEO of Fiore Group and Founder of Lionsgate Entertainment opined“I am speechless. A Nobel Prize to the person who promised us in 2009 that the Fed’s monetary policy would return to its ‘normal’ state, i.e. the central bank would return to a balance sheet of modest size. Instead, we had a historic drop and inequality.
Advisor Vaneck Gabor Gurbacs Noted:
Bernanke brought us to the brink of collapse and under a mountain of debt with quantitative easing. It’s a scam. They don’t even hide it anymore. In fact, celebrate it.
Post a Comment