So Ben Bernanke has won a Nobel Prize for kicking a can down the road!
Many will have heard the saying ‘those who do not learn from history, are doomed to repeat it’. It is often attributed to Churchill, but he was in fact quoting George Santanya. We prefer the Stephen Hawking quote, ‘“We spend a great deal of time studying history, which, let’s face it, is mostly the history of stupidity.” as this feels more apt in this day and age.
Below we outline the Nobel-prize winning work of former Fed Chair Ben Bernanke. Seemingly to the Nobel committee his studies enabled him and subsequent central bankers to stave off economic catastrophe. We would argue that as Chair of the Federal Reserve Bernanke merely delayed the inevitable, he just kicked the can down the road for his predecessors to deal with.
The result? ‘Policy miscalculation’ wreaked on a global economy that cannot afford any miscalculations, so reliant it is on central banks and governments to guide it when things go wrong. This is why we often talk about being your own central bank and reducing your exposure to counterparty risk and therefore the miscalculations of others. This is why deciding to buy gold and silver bullion is a sensible step is protecting your savings and investments, against the decisions of others.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.