Nobel Prize in Economics awarded Ben Bernanke, the former chairman of Federal Reserve. The Nobel Prize committee believes that he “significantly improved our understanding of the role of banks in the economy, particularly during financial crises.” Many people, however, blame Bernanke for getting us “to the brink of collapse and under a mountain of debt with quantitative easing.”
Nobel Prize in Economic Sciences awarded to Ben Bernanke (former Fed Chair)
The Royal Swedish Academy of Sciences announced 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 research on banks and financial crises.” The Royal Swedish Academy of Sciences is responsible for selecting Nobel laureates in economic sciences.
Details of the announcement:
This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. One important conclusion of their research was why it’s crucial to prevent bank collapses.
“Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged,” the announcement adds.
Bernanke currently works as a senior fellow in the Brookings Institution’s Economic Studies program. Diamond is currently 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 the Olin Business School of Washington University in St. Louis.
‘Bernanke Got Us to the Brink of Collapse’
Social media was used by many to ridicule the Nobel Prize Committee for awarding Bernake.
The Big Short investor Michael Burry tweeted: “Bernanke gets the Nobel Prize in Economics. Not a joke.” Alasdair Macleod, head of Research for Goldmoney, wrote: “If it hadn’t before, I think that this shows the Nobel Prize Committee has lost all credibility.”
Peter Schiff, Gold Bug tweeted:
It is fitting that Ben Bernanke, for his work on Greenspan’s financial crisis research, would be awarded the Nobel Prize in Economics. He is most likely to face the worst financial crisis in his lifetime. It’s too bad that Bernanke isn’t as knowledgeable about economics than the Nobel committee.
Frank Giustra, CEO of Fiore Group and founder of Lionsgate Entertainment opined: “I am speechless. A Nobel prize to the individual who promised us in 2009 that Fed monetary policy would revert to its ‘normal’ self — meaning that the central bank would go back to a modest-size balance sheet. Instead, we got a historic bubble & inequality.”
Vaneck advisor Gabor Gurbacs noted:
Bernanke brought us to the edge of financial collapse, and we are now inundated with debt through quantitative easing. It’s all a scam. They don’t even hide it anymore. They actually celebrate it.
Let us know your thoughts on Ben Bernanke’s win as the Nobel Prize in Economics. Comment below to let us know your thoughts.
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