A Nobel Prize for Moral Hazard

Commentary
Our times are stuffed with daily ironies all pointing to the same grim reality: the failure of experts, particularly those in charge of the many systems that manage our lives.
And so we wake to another and very important instance of the same.
The Royal Swedish Academy of Sciences has awarded the 2022 Nobel Prize in Economics to former Fed chairman Ben S. Bernanke, along with theorists Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises,” particularly citing the 2008 central bank response to the housing and financial crisis. The response consisted of saving the banks with “quantitative easing,” which is as much a euphemism as “social distancing.”…