New York, Dec 16 (THAINDIAN NEWS) The chairman of the US Federal Reserve, Ben Bernanke has been named as the Time Person of the Year for 2009. Time called him as “the most powerful nerd on the planet”. The magazine said he deserved credit above all others for reshaping US monetary policy and for leading an effort to rescue the global economy from the brink of an abyss. Ben could have really used this honor, as it comes at a very ironical time for him, because many critiqued his re-appointment for his second term.

The Finalists for Time’s Person of the Year 2009 were:

1. Ben Bernanke, Fed chairman
2. Usain Bolt, Jamaican sprinter
3. Steve Jobs, Apple CEO
4. Stanley McChrystal, U.S. general
5. Barack Obama, U.S. president
6. Nancy Pelosi, House speaker
7. The Chinese worker

Time’s managing editor, Richard Stengel, said: “Bernanke, more than the others, really stood for what happened this year.” Stengel described the Fed as “the most powerful, secretive, least understood” force in the economy and said its actions had a huge impact on everyday lives: “They affect your pocket book, your wallet, your car loans, your student loans.”

He has helped America during these hard recession times, by shaping the US government’s $700bn (£425bn) banking bailout plan. Under his watch, the Fed has cut interest rates to near zero and has injected the US economy with vast amounts of liquidity by making cheap money available to the markets.

The runner-up for Time’s prestigious title was General Stanley McChrystal, who is the commander of Nato-led forces in Afghanistan who was instrumental in persuading Barack Obama to commit an extra 30,000 US troops to the fight against Taliban and al-Qaida extremists.

The “Chinese workers” were also honored and they made the third place. They were especially picked for the contribution that is made by tens of millions of unheralded people in powering China as the world’s fastest-growing economy.