The Nobel Economics Prize should have been won by Satoshi Nakamoto, says the internet.
Ben Bernanke, an ex-US Federal Reserve chairman, has won the Nobel Prize for economic sciences. The Nobel panel in Stockholm said Bernanke’s research shows “why avoiding bank collapses is vital.” In other words, why quantitative easing (printing tons of fiat money) is the solution.
The Internet: Um no
Of course, Twitter lit up at the thought of the idea that banks should be propped up at all, let alone be given an award for it.
The conviction that Satoshi Nakamoto (the pseudonym for the creator of Bitcoin) should have won the Nobel Prize has been around for quite some time.
Something most people don’t know, is that in 2016, Nakamoto was nominated to receive the Nobel Prize in economics. Bhagwan Chowdhry is an economics professor at the University of California. He says the technology spawned by Satoshi is the most significant development of the 21st Century. He argued that the technology will have wide applications in the future of finance.
“I can hardly think of another innovation in the field of economy in recent decades with such influence. Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space. The contribution of Satoshi Nakamoto will not only change the way we think about money, but it should also affect the role that central banks play in conducting monetary policy, destroy expensive transfer services; and eliminate the taxes required by intermediaries such as Visa, MasterCard and Paypal.”
The Nobel committee has never in their history awarded the prize to an unknown person. Chowdhry offered to accept the award on behalf of Nakamoto if he won.
The Nobel Economics Prize is a Clown World Prize
The hosts of YouTube Channel Simply Bitcoin say that the award highlights how we are living in Clown World. “Ben Bernanke got the Nobel prize because of how he acted during the financial crisis.”
And what exactly did he do? He printed a ton of money. “So they gave him an award for hitting the P button on a keyboard. Satoshi should get a Nobel economics prize. I think he did a lot more than this guy. This guy just exacerbated the problem.”
The Simply Bitcoin hosts say that Bernanke and his mates did some black-magic-type-bullshit to justify all of this in the eyes of the public. “But at the end of the day, what are they really doing? They’re creating money out of thin air. And they pat themselves on the back for it – it is a giant circle jerk. You did this? You printed all that money? Hey, you deserve a Nobel Peace!”
Clown World Reigns Supreme
The hosts of the popular YouTube channel say that if you are in the lower class, or in the middle class, you don’t have the means to buy assets, therefore benefit from asset inflation. If you save in fiat, your money is devalued when there is money printing going on. “So every time they print money, it’s a giant wealth redistribution. It’s theft, from the lower and middle classes to the very wealthy, who do have the means to save in assets. And, they gave Bernanke a Nobel Prize in Economics for stealing because that’s what it is.”
They also say that even if Satoshi did get a Nobel Prize, it’s lost its pizzazz.
“They don’t even care, they pat each other on the back for printing money. How hard is it to create money out of thin air? Booms and busts are necessary to root out the inefficient businesses. But the government bailed out the inefficient businesses of 2008. Therefore, those businesses never learned their lessons. If you’re big enough as a business, then you’re entitled to government bailout, which means you’re going to take riskier decisions because there’s that lender of last resort. But with Bitcoin, there is no lender of last resort. And I think that’s a good thing. This award is proof that this is just a total clown world.”
The Nobel Economics Prize: Pffft
The hosts say that fiat trillionaires are patting each other on the back. “Oh, I’m so proud of you, man. No, you did great! You hit that P button with such force! No one else can hit that P button like you Ben Bernanke!”
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