Former Federal Reserve Chair Ben Bernanke, along with a few other folks, was awarded the Nobel Prize in economics on Monday for his role in deciding how the world handled major crises such as the 2008 recession and the COVID-19 pandemic.
Yes, I am being completely serious. This is not a satirical article. Bernanke, who is best known for getting everything wrong during the 2008 global financial recession, won a Nobel Prize along with two others, Douglas Diamond and Philip Dybvig, for research on how regulating aspects of the financial sector can avoid even deeper economic crises, according to Reuters.
For those who might not know, Bernanke is the guy who said the Fed “can do little” about the global supply chain crisis, and should be slowing the “growth in demand,” earlier this year. He also made a series of decisions back when he was chairman of the Fed in the early 2010s that led to massive income gaps between America’s wealthiest and poorest families and warnings about another housing crisis.
During the 2008 financial crisis, Bernanke flooded the economy with heaps of new money, which massively contributed to inflation while also increasing debt. We’re in a similar financial situation as a nation right now, suggesting that his methodology for coping with major crises might be super duper terrible, actually.
To say that Bernanke is one of the least credible financial minds in the U.S. would be an understatement, according to those in the industry. “It’s like Dr. Fauci winning a Nobel Prize for mental health science after causing one of the worst depressive crises with his insane COVID-19 lockdown policies,” one trader told the Daily Caller. “Or maybe like Jeffrey Dahmer winning the Boyfriend of the Year award, or something equally as ironic.”
The decision by the Nobel Prize committee to honor Bernanke clearly proves that they are living in a different dimension than the one where the rest of us reside. They must not have had their entire world shut down for two years, cultivating one of the greatest and most easily predicted financial catastrophes of the modern era.
Perhaps the committee’s universe doesn’t have financial experts like Michael Burry and Nouriel Roubini, or billionaire investors like Stanley Druckenmiller, all of whom are forecasting a long and dark recession that could take upwards of a decade to overcome. They certainly mustn’t have BlackRock, the president of which predicted in March that an “entitled generation” would see shocking supply chain shortages within the coming year or so.
The logic behind the Nobel Prize committee’s decision must have been based on popularity rather than success metrics, because if Bernanke is anything, it ain’t successful at anything other than clawing attention and hurting Americans’ bank accounts.
Reporting from The Daily Caller.