Ben Shalom Bernanke, born December 13, 1953, is an American economist and Chairman of the Federal Reserve, a private banking entity that receives funding from the Treasury. His second term as Chairman ends January 31, 2014, and his term as a Board member ends January 31, 2020. He received a B.A. in economics in 1975 from Harvard University and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.Previously, he served as Fed Governor and Chairman of President George W. Bush's Council of Economic Advisers. In 2009, he was named the TIME magazine person of the year, no doubt for the dexterity demonstrated while dodging questions at oversight hearings.
Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University, and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on "public service" leave.
He has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Dr. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER's Business Cycle Dating Committee. In July 2001, he was appointed Editor of the American Economic Review.
As a Member of the Board of Governors of the Federal Reserve System on February 20, 2004, Bernanke gave a speech: "The Great Moderation," where he postulated that we are in a new era, where economic volatility has been permanently eliminated. Such amazing foresight. In June 2005, Bernanke was named Chairman of President George W. Bush's Council of Economic Advisers and resigned as Fed Governor.
The Chairman has written extensively on the economic and political causes of the Great Depression, which is why he has been able to replicate the event so well with Great Depression II. Before Bernanke's work, the dominant monetarist theory of the Great Depression was Milton Friedman's view that it had been largely caused by the Federal Reserve having reduced the money supply. So he asked Treasury to crank up the printing presses and hold on. Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero. This means that banks get money for free but still make 27% off your credit card.
Bernanke was photographed June 6, 2008 departing the Marriott in Chantilly, Virginia, site of that year's Bilderberg conference. The secretive group operates under Chatham House rules, meaning that no details of what is discussed can ever be leaked to the media, despite editors of the world’s largest newspapers, the Washington Post, the New York Times and the Financial Times, being in attendance. Monetary policy is shaped at the conference, although the Logan Act prohibits United States citizens without authority from interfering in relations between the United States and foreign governments, with felony punishment of up to three years in prison.
On November 10, 2009, Bloomberg reported the Fed was refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers related to troubled assets the central bank accepted as collateral. Bernanke and then Treasury Secretary Hank Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed was lending far more than that in separate rescue programs that supposedly did not require approval by Congress, Americans still had no idea where their money had gone or what securities the banks pledged in return. Freedom of Information Act responses and related lawsuits are pending.
He has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Dr. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER's Business Cycle Dating Committee. In July 2001, he was appointed Editor of the American Economic Review.
As a Member of the Board of Governors of the Federal Reserve System on February 20, 2004, Bernanke gave a speech: "The Great Moderation," where he postulated that we are in a new era, where economic volatility has been permanently eliminated. Such amazing foresight. In June 2005, Bernanke was named Chairman of President George W. Bush's Council of Economic Advisers and resigned as Fed Governor.
The Chairman has written extensively on the economic and political causes of the Great Depression, which is why he has been able to replicate the event so well with Great Depression II. Before Bernanke's work, the dominant monetarist theory of the Great Depression was Milton Friedman's view that it had been largely caused by the Federal Reserve having reduced the money supply. So he asked Treasury to crank up the printing presses and hold on. Bernanke has cited Milton Friedman and Anna Schwartz in his decision to lower interest rates to zero. This means that banks get money for free but still make 27% off your credit card.Bernanke was photographed June 6, 2008 departing the Marriott in Chantilly, Virginia, site of that year's Bilderberg conference. The secretive group operates under Chatham House rules, meaning that no details of what is discussed can ever be leaked to the media, despite editors of the world’s largest newspapers, the Washington Post, the New York Times and the Financial Times, being in attendance. Monetary policy is shaped at the conference, although the Logan Act prohibits United States citizens without authority from interfering in relations between the United States and foreign governments, with felony punishment of up to three years in prison.
On November 10, 2009, Bloomberg reported the Fed was refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers related to troubled assets the central bank accepted as collateral. Bernanke and then Treasury Secretary Hank Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed was lending far more than that in separate rescue programs that supposedly did not require approval by Congress, Americans still had no idea where their money had gone or what securities the banks pledged in return. Freedom of Information Act responses and related lawsuits are pending.
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