The worst Nobel Prize ever?
Amidst global economic collapse, *THIS* is what wins the Nobel Prize in Economics?!?
The world is building a tower of debt unprecedented in any prior era. The derivatives tower is estimated to be one quadrillion dollars. It has taken unprecedented government injection of methamphetamine to "stabilize" things, and every central bank and government knows they dare not reduce the drip or the patient will collapse.
"The economy is recovering,” sayeth the Fed, “and zero interest rates will continue until 2015, and we will buy $40B+ of mortgage bonds per month with no set limit," Unemployment goes down only because people drop out of the workforce and onto welfare, disability, or social security when their patience (and savings) run out.
The marginal productivity of debt--how much additional GDP does the next dollar of borrowing buy--has been falling for many decades.
Capital destruction continues to accelerate. Savers are hosed, and let's not even talk about people trying to live on a fixed income!
Keynes' theory, the bedrock of the modern economy, is in a shambles (or ought to be if people could think their way out of a wet paper bag). And the most prestigious prize in economics?
Yeah, let's award that to a couple of guys who have played with a model for central planning when money cannot be used (e.g. organ donations, where buying organs is illegal).