By Ron Paul, for Birch Gold Group
Recently, the Nobel Foundation awarded Ben Bernanke (along with Douglas Diamond and Philip Dybvig) the 2022 Nobel Prize in economic sciences because they “significantly improved our understanding of the role of banks in the economy, particularly during financial crises.”
I already knew that Ben Bernanke was a student of the Great Depression. I wasn’t aware of his exact perspective, though, or his claim that bank failures were the cause of that brutal decade. The Nobel Prize committee explains:
…the [Great Depression] became so deep and so protracted in large part because bank failures destroyed valuable banking relationships, and the resulting credit supply contraction left significant scars in the real economy.
Now, at least, we can gain some understanding of his actions during the Great Financial Crisis. That understanding comes at a price, though – the cost is 40-year record-high inflation, and both you and I, along with every other American, are paying for it.
Continue reading “Ron Paul: Ben Bernanke Wrecked the U.S. Economy and Won a Nobel Prize”