Criticism falls on former Fed Chairman Ben Bernanke after his Nobel Prize in Economics!

The Nobel Prize committee believes that he has “significantly improved our understanding of the role of banks in the economy, especially during financial crises“. Many people, however, blame Bernanke for leading us “to the brink of collapse and under a mountain of debt with quantitative easing.

Former Fed Chairman Ben Bernanke Receives Nobel Prize in Economic Sciences

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 their research on banking and financial crises“. The Royal Swedish Academy of Sciences is responsible for selecting the winners of the Nobel Prize in Economic Sciences.

The announcement detailed:

This year’s economics laureates, Ben Bernanke, Douglas Diamond, and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, especially during financial crises. An important conclusion of their research is that it is vital to prevent banks from collapsing.

Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. In particular, he showed how the run on the banks was a decisive factor in the crisis becoming so deep and prolonged“, the statement adds.

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Ben Bernanke is currently a senior fellow in the economic studies program at the Brookings Institution. Diamond is professor emeritus of finance at the University of Chicago’s 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 led us to the brink of collapse.”

Many people have taken to social media to harshly criticize the Nobel Prize committee for awarding Ben Bernanke.

The Big Short investor Michael Burry tweeted, “Bernanke gets the Nobel Prize in economics. This is not a joke“. Alasdair Macleod, head of research for Goldmoney, wrote to: “If this was not the case before, I think it shows that the Nobel Prize committee has lost all credibility.

Peter Schiff tweeted:

It is fitting that Ben Bernanke should receive a Nobel Prize in Economics for his research into the financial crisis that he helped Greenspan create. Ironically, he is responsible for the biggest financial crisis yet to come. Too bad the Nobel committee is as ignorant of economics as Bernanke.

Frank Giustra, CEO of the Fiore Group and founder of Lionsgate Entertainment. said.: ” I am speechless. A Nobel Prize to the individual who promised us in 2009 that the Fed’s monetary policy would return to its ‘normal’ state – meaning the central bank would return to a modestly sized balance sheet. Instead, we have had a historic bubble and inequality.

Gabor Gurbacs, Vaneck’s advisor tweeted :

Bernanke led 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, they’re celebrating it.

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