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Former Federal Reserve Chairman Ben Bernanke has been awarded a Nobel Prize in Economics. The Nobel Prize committee believes that he \u201csignificantly improved our understanding of the role of banks in the economy, particularly during financial crises.\u201d Many people, however, blame Bernanke for getting us \u201cto the brink of collapse and under a mountain of debt with quantitative easing.\u201d <\/strong>\n<\/p>\n \n The announcement details:\n<\/p>\n This year\u2019s 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.<\/p>\n<\/blockquote>\n \n Bernanke is currently a senior fellow with 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\u2019s Bancshares Professor of Banking and Finance at the Olin Business School of Washington University in St. Louis.\n<\/p>\n \n The Big Short investor Michael Burry tweeted: \u201cBernanke gets the Nobel Prize in Economics. Not a joke.\u201d Alasdair Macleod, head of Research for Goldmoney, wrote<\/a>: \u201cIf it hadn\u2019t before, I think that this shows the Nobel Prize Committee has lost all credibility.\u201d<\/p>\n Gold bug Peter Schiff tweeted<\/a>:\n<\/p>\n How fitting that Ben Bernanke 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.<\/p>\n<\/blockquote>\n \nFiore Group CEO and Lionsgate Entertainment founder Frank Giustra opined<\/a>: \u201cI am speechless. A Nobel prize to the individual who promised us in 2009 that Fed monetary policy would revert to its \u2018normal\u2019 self \u2014 meaning that the central bank would go back to a modest-size balance sheet. Instead, we got a historic bubble & inequality.\u201d<\/p>\n Vaneck advisor Gabor Gurbacs noted<\/a>:\n<\/p>\n Bernanke got us to the brink of collapse and under a mountain of debt with quantitative easing. It\u2019s all a scam. They don\u2019t even hide it anymore. In fact celebrating it.<\/p>\n<\/blockquote>\nFormer Fed Chair Ben Bernanke Wins Nobel Prize in Economic Sciences<\/h2>\n
\nThe 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 \u201cfor research on banks and financial crises.\u201d The Royal Swedish Academy of Sciences is responsible for selecting Nobel laureates in economic sciences.<\/p>\n\n
\n\u201cBen 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,\u201d the announcement adds.<\/p>\n\u2018Bernanke Got Us to the Brink of Collapse\u2019<\/h2>\n
\nMany people took to social media to mock the Nobel Prize committee for awarding Bernake.<\/p>\n\n
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