Ben S.Bernanke, The banker who solved 2007–2008 financial crisis and won Nobel Memorial Prize in Economic 2022

Today, we discuss one of the most prominent financial and banking figures in Egypt and the world in modern history, his journey and achievements, Ben S.Bernanke, Former Chair of the Federal Reserve of the United States, who solved 2007–2008 financial crisis and won Nobel Prize in economics for 2022.

Bernanke was born in Augusta, 1953, in Georgia, raised in Dillon, South Carolina.

He received his bachelor's degree in economics in 1975 from Harvard University, while he received his doctor's degree in 1979 from Massachusetts Institute of Technology .

Bernanke began his academic career in 1979 as a professor at Stanford Business, in February 2006 he was a member of Federal Reserve Board and then Chairman of the Board, US President Barack Obama reappointed him to the same position in 2010, left the position in 2014.

He was unlike the macroeconomists who did not think about recessions at the time, as he devoted himself to studying its history, details and reasons for their occurrence, which was greatly reflected in his good management of 2007–2008 financial crisis.

Bernanke oversaw some unorthodox measures during the financial crisis, as Fed Fund Rate lowered from 5.25% to 0.0% in less than a year.

Under his watch, Federal Reserve also took unprecedented steps to respond to the global financial crisis, including implementing quantitative easing, a process by which the Fed bought billions of dollars in mortgage-backed securities and long-term treasuries to stimulate economic growth.

He is also credited with enhancing the Fed's transparency and communication by holding quarterly press conferences to explain FOMC decisions, providing forward guidance on short-term interest rates, and adopting an official inflation target of 2%, according to the Fed's website.

 Bernanke's trip won many awards, as  American TIME magazine chose him as Man of the Year in 2009, for his role in saving US from the economic disaster, as he took the initiative to pump hundreds of billions of dollars into the local economy to avoid the crises, and also helped solve the debt problem in US.

Forbes magazine also chose him among 8 most powerful personalities in 2010, but the most valuable award in the history of his entire career was Nobel Prize in Economics for 2022.