Bernanke is Time's Man of the Year: Pacquiao in list of 'people who mattered'

NEW YORK (AP) – US Federal Reserve Chairman Ben Bernanke has been named Time Magazine’s “Person of the Year” for 2009.

Bernanke, 56, heads the most important and least understood force shaping the American – and global –economy.

In the same magazine issue, Filipino boxing champion Manny Pacquiao was included in the list of “people who mattered” in 2009, being listed behind US President Barack Obama and ahead of Republican vice presidential candidate Sarah Palin. Those green bills featuring dead Presidents are labeled federal reserve note for a reason: the Fed controls the money supply. It is an independent government agency that conducts monetary policy, which means it sets short-term interest rates — which means it has immense influence over inflation, unemployment, the strength of the dollar and the strength of your wallet, Time said.

And ever since global credit markets began imploding, its mild-mannered chairman has dramatically expanded those powers and reinvented the Fed.

Professor Bernanke of Princeton was a leading scholar of the Great Depression. 

The article on Pacquiao, written by Howard Chua-Eoan, said, “Manny Pacquiao was considered a savior by two groups of people this year: Filipinos and boxing aficionados.

For his countrymen, the diminutive (5 ft. 6 in. and change) pugilist once again proved that their archipelago could produce more than tales of violence, poverty and natural disaster — that there was some undefined quality that could produce a fighter of such speed, resiliency and charisma as to be a living legend.

“For boxing fans, Pacquiao defied physics, rising through six weight classes to win seven world titles — and galvanizing the sport like no other boxer in years. His two bouts this year were among the most dramatic in the sport: his second-round knockout of Ricky Hatton and his terrifying demolition of the rock-solid Miguel Cotto over 11 rounds. His visceral charm — or his bloody attraction — will continue into next year with his expected multimillion-dollar, hugely lucrative matchup against Floyd Mayweather Jr., the only fighter remaining who can claim to be his equal.”

Last year’s winner was then President-elect Barrack Obama. The 2007 winner was Russina Prime Minister Vladimir Putin.

Other previous winners have included Bono, President George W. Bush, and Amazon.com CEO and founder Jeff Bezos.