TWEETSTORM is an occasional feature on decentralize.today where we share threads , mostly from Twitter, that we think deserve a wider audience, some are informative, some educational, some amusing and others yet are controversial...we dig these out for you so you don't have to!
1/14 Economic dyslexic wins Nobel prize? I'm of a mood today...
Bibi Bib @Bibi58558618
The most sociopathic & mendacious economist whose predictive track record was around 0% is awarded the Nobel Prize on the eve of the Greatest Financial Crisis that he was instrumental in creating ! We have finally reached #peakPonzi https://2ndsmartestguyintheworld.substack.com/p/the-nobel-criminals-ben-bernanke?
2/ Bankrupt B never eased... "subprime is contained."
Can the Swedes give the Hong Kong stock market the Nobel Prize they gave that jackass Bernanke? There's more competent US$ (Euro$) information in the Hang Seng just the past two years than the entirety of Bernanke's historically horrific career. In fact, because of his career.
3/ destroyed non-bank lending (pre GFC, 83% of lending market)... "important to look at nonbank lenders..."
The @NobelPrize has sunk to never-before-seen low. Awarding the Nobel Memorial Prize in Economic Sciences to the most destructive central banker, Ben Bernanke, in human history, is an utter disgrace to the institution!
4/ de-incentivized lending by the commercial banks. (ZIRP, NIRP, IOER, Repo, QE)... "banks intermediate between savers and borrowers."
Quoth the Raven NO PAYWALL: The man who failed to see the 2008 crisis in advance just won a Nobel Prize for his "economic research". Meanwhile, 14 years later, we are still paying the inflationary & moral hazard cost for his "solutions". https://quoththeraven.substack.com/p/ben-bernanke-winning-the-nobel-prize
5/ Like the 400 Phd's on the Fed payroll, much less a recession... "the mortgage debacle will not effect the economy overall."
most market participants probably don't even remember Bernanke https://theonion.com/drunken-ben-bernanke-tells-everyone-at-neighborhood-bar-1819572831
6/ Bankrupt B NEVER predicted anything in advance... "The Federal Reserve is not currently forecasting a recession."
I love that I'm known enough that I get to be the end of business press articles on Bernanke getting the memorial econ "Nobel". https://bloomberg.com/news/articles/2022-10-11/ben-bernanke-s-nobel-prize-win-divides-economists
7/ and was consistently wrong viz. running the economy in reverse. "I wish I'd been omniscient and seen the crisis coming." Moral of the story?
Bernanke, the architect of abusing QE to benefit the wealthy wins a Nobel. You really can’t make this up.
8/ Central bankers, Volcker, Greenspun, Bankrupt B, Enter The Draghi et al... "The Federal Reserve will not monetize the debt."
In the 18 months after the life-saving adrenaline of QE1, we had a once in a century opportunity to reshape Wall Street and reverse the financialization of America. Instead, the Obama/Geithner/Holder/Bernanke administration betrayed us and made Wall Street stronger than ever.
9/ are liars, not to be trusted in the extreme... "these price increases largely reflect strong economic fundamentals."
Ben Bernanke wins a Nobel for his economics. Mr. "Subprime is contained, housing prices do not go down, the economy is in fine shape!" gets this laugher. Ground zero for playing God with markets. The damage he and the rest have done long term cannot be measured. #easymoney
10/ and are the antithesis of heroes... "The U.S. government has a technology, called a printing press... that allows it to produce as many U.S. dollars as it wishes at no cost."
Ben Bernanke’s Risible Prize https://davidstockmanscontracorner.com/ben-bernankes-risible-prize/
11/ Anyone claiming these saboteurs to be heroes of any stripe... "I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically."
In an exclusive MishTalk coup, Ben Bernanke agreed to an interview. Mish: Why do you think you won the Nobel Prize? "To learn how to save the economy, we first had to wreck it. That's the real reason I won the prize," said Bernanke. "And boy did we wreck it."
12/ rather than criminals is... Re: banker bailout "My interest is solely for the strength and recovery of the US economy."
Ben Bernanke And Two Others Win Nobel Prize In Economics For Crisis Research https://zerohedge.com/markets/ben-bernanke-and-two-others-win-nobel-prize-economics-crisis-research
13/ an agendized self serving propagandist of the state... "excess reserves will automatically contract as improving financial conditions lead to reduced use of our special lending facilities and, ultimately, to their closure."
14/ Mercifully and ironically.. Nobel award for moral hazard, who knew? "It is not the responsibility of the Fed, nor would it be appropriate, to protect lenders and investors from the consequences of their financial decisions."