Episode 010: Does Ex Fed Chair Ben Bernanke Deserve a Nobel Prize?
MONEY AND ECONOMICS. Recorded January 11, 2023. Released January 13, 2023.
In awarding ex-Chair of the Federal Reserve Ben Bernanke the 2022 Nobel Prize, a committee member observed that “Bernanke showed that banks played a central role in turning a relatively small recession into the Great Depression… [and] how badly it can go wrong if nothing is done about crises”.
While the committee denied that Ben’s actions during the Global Financial Crisis were a contributing factor, it was extremely fortuitous that it was one of the few specialists covering the monetary causes of the Great Depression who was in the driver’s seat at the Fed when deflation and depression loomed in 2008-9.
In episode 10 of At The Rotterdam, Jeff and Rasheed discuss just how important Professor Bernanke’s research in the 1980s and actions in the 2000’s were.
A solid knowledge of history backed the policies that halted the global economy’s fall into Depression.
Some useful links:
Bernanke's speech to Milton Friedman
Ben's winning 1983 paper
The Nobel Prize committee on Ben
Perry Mehrling on the Fed as Dealer of Last Resort
Bagehot's Lombard Street
The Economics Nobel is not a real Nobel Prize
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