Ex-Fed Chairman Ben Bernanke Wins Nobel Prize In Economics
Ben Bernanke, who used to be head of the Federal Reserve, has won the Nobel Prize in Economics. The Nobel Prize committee says that he “significantly improved our understanding of the role of banks in the economy, especially 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.”
Ben Bernanke, who used to be head of the Fed, wins the Nobel Prize in Economic Sciences
The Royal Swedish Academy of Sciences announced on Monday that Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig will receive the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2022 “for research on banks and financial crises.” The Nobel laureates in economic sciences are chosen by the Royal Swedish Academy of Sciences.
The 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. An important finding in their research is why avoiding bank collapses is vital.”
“Ben Bernanke analysed 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 is a senior fellow in the Brookings Institution’s Economic Studies programme at the moment. Diamond is the Merton H. Miller Professor of Finance at the Booth School of Business at the University of Chicago. Dybvig is a professor of banking and finance at Washington University in St. Louis’s Olin Business School. He is also the Boatmen’s Bancshares Professor of Banking and Finance.
“Bernanke brought us to the edge of bankruptcy.”
Many people made fun of the Nobel Prize committee on social media for giving the prize to Bernake.
Michael Burry, an investor in “The Big Short,” wrote on Twitter, “Bernanke wins 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.”
Gold bug Peter Schiff posted a tweet:
How fitting that #BenBernanke would win a Nobel Prize in Economics for his research on the Financial Crisis that he helped Greenspan create. Ironically, the bigger financial crisis that awaits is mostly on him. Too bad the Nobel committee is as clueless on #economics as Bernanke.
Fiore Group CEO and Lionsgate Entertainment founder Frank Giustra 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.”
Gabor Gurbacs, a consultant for Vaneck, said:
The 2022 Nobel Prize in economics was awarded to fmr. Fed chair Ben Bernanke plus Douglas Diamond and Philip Dybvig for "research on banks and financial crises.” Can’t make this up! Bernanke got us to to the brink of collapse and under a mountain of debt with quantitative easing. pic.twitter.com/LOERr5oJGy
