Ben Bernanke Quotes and Sayings - Page 1
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“If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.”
-- Ben BernankeSource : Yvon Chouinard (2016). “Let My People Go Surfing: The Education of a Reluctant Businessman--Including 10 More Years of Business Unusual”, p.69, Penguin
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“Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.”
-- Ben BernankeSource : "Bernanke Goes Nuclear" by John Standerfer, www.huffingtonpost.com. April 18, 2009.
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“The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.”
-- Ben Bernanke -
“Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.”
-- Ben Bernanke -
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“It takes about two and a half percent growth just to keep unemployment stable.”
-- Ben Bernanke -
“The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”
-- Ben Bernanke -
“With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.”
-- Ben BernankeSource : "Hearing Regarding Ben Bernanke's Nomination to Be Chairman of the Board of Goverrnors of the Federal Reserve". U.S. Senate Committee on Banking, Housing and Urban Affairs, www.washingtonpost.com. November 15, 2005.
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“Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.”
-- Ben Bernanke -
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“The Federal Reserve will not monetize the debt.”
-- Ben BernankeSource : "Who Do You Trust with Your Money?". Ben Bernanke's speech before the U.S. House Budget Committee in Washington, D.C., www.minneapolisfed.org. September 1, 2009.
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“Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.”
-- Ben BernankeSource : Interview with Arthur J. Rolnick, www.minneapolisfed.org. June 1, 2004.
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“Nobody really understands gold prices and I don't pretend to understand them either,”
-- Ben BernankeSource : Source: therumpus.net
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“If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.”
-- Ben Bernanke -
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“If your uniform isn't dirty, you haven't been in the game.”
-- Ben Bernanke -
“The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.”
-- Ben Bernanke -
“Both humanity's capacity to innovate and the incentives to innovate are greater today than at any other time in history.”
-- Ben Bernanke -
“The best approach here if at all possible is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset price bubble bursts in the future.”
-- Ben Bernanke -
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“The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.”
-- Ben Bernanke -
“...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals”
-- Ben Bernanke -
“The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.”
-- Ben Bernanke -
“Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.”
-- Ben Bernanke -
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“Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.”
-- Ben Bernanke -
“Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.”
-- Ben Bernanke -
“If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.”
-- Ben Bernanke -
“Developments in financial markets can have broad economic effects felt by many outside the markets.”
-- Ben Bernanke -
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“The basic prescription for preventing deflation is straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.”
-- Ben Bernanke -
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression,”
-- Ben Bernanke -
“I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.”
-- Ben Bernanke -
“Indeed, in general, healthy investment returns cannot be sustained in a weak economy, and of course it is difficult to save for retirement or other goals without the income from a job.”
-- Ben Bernanke -
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“Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.”
-- Ben Bernanke -
“It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.”
-- Ben Bernanke
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